XRP, End of 3-Month Sideways Movement?..."It will shoot up immediately if Bitcoin just helps"

▲ XRP/AI-generated image

XRP has formed a structure poised for strong volatility at the end of a nearly three-month sideways trading period. After a sharp drop at the beginning of the year, it failed to break past the $1.45-$1.47 resistance zone multiple times, but the lows have gradually risen, intensifying price compression.

U.Today reported on May 6, citing an analysis by crypto analyst Dom, that XRP has been moving in a narrow range for the past three months and is preparing for a breakout. Dom stated, “XRP has been consolidating for almost three months,” adding, “something will pop soon.” He explained, “A big move could occur if market acceptance above $1.47 is achieved,” and “It only needs a small bullish flow to trigger it if Bitcoin (BTC) manages a breakthrough.”

The Binance 12-hour chart presented by Dom shows a typical compressed sideways pattern. XRP formed a long lower wick near $1.10 in early February and has since gradually raised its lows. The yellow uptrend line on the chart appears to be acting as a dynamic support line, propping up the bottom.

Selling pressure was repeated at the top. Since February, XRP has failed to break out of the $1.45-$1.47 range multiple times, and the price has gradually narrowed into a wedge-shaped zone. Although the lows have risen, the upside has been limited, creating a zone where buying and selling forces clash head-on.

The chart also displays an orange downtrend line, presumed to be a long-term Volume Weighted Average Price (VWAP) or a similar moving average. This line has acted as a strong dynamic resistance for several months, suppressing XRP's price. Recent price action has approached this resistance line, nearing the end of the compression zone.

The short-term hurdle that XRP bulls must overcome is the $1.45-$1.47 range. According to Dom's analysis, there is a greater chance for a rapid upward movement when clear market acceptance above this range is confirmed. However, the original text points out that whether Bitcoin provides the necessary bullish momentum is a key condition for XRP's breakout scenario.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*