XRP is facing a prolonged consolidation phase, a trading pattern that offers possible hints regarding the token’s subsequent price trajectory.
Indeed, the value of XRP has stagnated in the same region for several months, showing no signs of a possible breakout. This development contrasts the general market, as most altcoins have taken advantage of the 2023 rally to record price breakouts.
In particular, between late October 2022 and January 25, the value of XRP has mainly traded in the range of $0.40 and $0.46. However, the token has momentarily breached key support and resistance levels during the period while sustaining a high trading volume.