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XRP traded largely flat on Monday following a risky week marked by a broader cryptocurrency market downturn.
Notably, over the previous seven days, the token has slipped roughly 1%, reflecting the broader selloff throughout the crypto market.
In the meantime, analyst Javon Marks believes XRP is approaching a decisive technical level that might decide its subsequent long-term pattern.
In response to Marks, XRP is “nonetheless nearing a key converging/breaking level,” suggesting {that a} profitable breakout might push the following wave greater.
Notably, the analyst added that such a transfer might ship the cryptocurrency towards a measured worth goal of $15 or extra, based mostly on the present chart formation.
 
The prediction facilities on the concept that XRP has been compressing inside a tightening construction, a sample many technical merchants affiliate with intervals of heightened volatility as soon as resistance is damaged.
Moreover, in accordance with analyst Celal Kucuker, the XRP/BTC buying and selling pair is approaching the higher boundary of a long-term descending channel. He believes a breakout from that construction might permit XRP to outperform Bitcoin considerably through the subsequent part of the crypto market cycle.
The analyst recommended that XRP might generate returns many occasions larger than Bitcoin from present ranges if the sample performs out as anticipated. He additional argued that by the point Bitcoin reaches one other all-time excessive, XRP might already be buying and selling above $12.
Moreover, analyst MikybullCrypto highlighted XRP’s ongoing consolidation as an indication of energy moderately than weak spot.
In response to the analyst, XRP’s extended consolidation seems to be nearing completion, growing the chance of a stronger upside transfer. His preliminary worth goal stands at $6, describing the present chart construction as one of many extra bullish setups out there.
That stated, XRP stays in a consolidation part, with a number of market analysts viewing the present interval of sideways buying and selling as the inspiration for its subsequent main breakout.
At press time, XRP was buying and selling at $1.08, reflecting a 0.40% drop over the previous 24 hours.
