- XRP’s price has been facing growing selling pressure, which has caused it to lose the momentum that was previously driving it higher
- It now appears to be well-positioned to see further short-term downside, as the cryptocurrency has been struggling to break above its resistance at $0.30
- Despite this short-term weakness, analysts still believe that the token could be poised to see some notable upside in the coming weeks
- One trader is noting that its market structure suggests a sharp move up towards $0.75 is imminent in the near-term
XRP has been experiencing some turbulence throughout the past few days and weeks, with its price attempting to kick off a parabolic rally but being met with significant selling pressure.
This has led it to see stagnating price action, with it now being stuck below $0.30 as it continues consolidating alongside Bitcoin and Ethereum.
Although ETH and BTC are pushing up against their near-term resistance levels, it is important to note that XRP has been sliding lower ever since it hit highs of $0.33 last week.
From this point on, the cryptocurrency has been struggling to garner any further momentum as it faces newly established resistance at $0.30.
Analysts are still noting that it could be coiling up to make a massive upside movement in the near-term.
XRP Slides Lower as Selling Pressure Begins Mounting
At the time of writing, XRP is trading down just under 2% at its current price of $0.275. This marks a notable decline from daily highs of $0.29 that were set around this time yesterday.
On a few occasions throughout the past couple of days, sellers have pushed the cryptocurrency’s price as low as $0.27.
Each visit to this price region has been followed by a sharp bounce.
This indicates that the support here is significant and may even be able to bolster its short-term outlook in the days ahead.
Analyst: The Token’s Market Structure Suggests Move to $0.75 is Imminent
While speaking about XRP’s current market structure, one analyst explained that he believes a move up towards $0.75 is imminent.
He put forth the below chart to justify this target, showing that the recent downturn may simply be it retesting its support before making a bid at higher price targets.
Image Courtesy of il Capo of Crypto. Chart via TradingView.
As seen above, his first target sits at roughly $0.50. A break above this level is what could propel it significantly higher.
Featured image from Unsplash. Charts from TradingView.