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The XRP price seems to be entering another accumulation phase, which could end up being either bullish or bearish for the altcoin, depending on how long it persists. This was pointed out by crypto analyst Unichartz in a TradingView analysis post, showing where the cryptocurrency is currently sitting in the cycle.
XRP Price Accumulation Could Go Either Way
When it comes to accumulation, the XRP price is no stranger to this phenomenon, having had bouts of accumulation in the past. The problem has always been with how long the altcoin’s accumulation trends tend to stretch out, making the trend a tricky one for XRP.
Unichartz explains that this current accumulation trend began in May and has persisted since then. It also shows similarities with another accumulation phase, which was the one seen back in 2024. This range-bound accumulation phase had ended in a massive breakout, and if the current trend aligns, then the result could be the same.
However, as the analyst points out, XRP investors will have to be patient due to the drawn-out accumulation trends that the altcoin often goes through. “History suggests this kind of accumulation can often lead to explosive upside — but patience is key here,” Unichartz opined.
Source: TradingView.comThe crypto analyst advises investors not to start chasing anything at this point. Rather, they say to wait until there is a clean breakout before doing anything. The levels to watch now are the upper range boundary sitting around $3.
Why $2.08 Is The Level To Hold For Bulls
Presently, it is no secret that bears have been dominating altcoins like XRP more over the last few months. This has put the XRP price in a perilous position with major levels that must be held by all means or risk a major price crash.
Crypto analyst FenzoFx has pointed out one of these levels to hold, and it is $2.08. This is because $2.08 is sitting exactly at the weekly resistance, which also aligns with the bullish Fair Value Gap (FVG). Usually, FVGs signal a possible liquidity sweet spot, and with XRP’s FVG being so low, it is at risk of a decline.
Source: TradingView.comNow, if the bulls are able to successfully keep the price above $2.08 without incident, and maintain the current consolidation levels above $2.1, then the resistance at $2.21 becomes the level to beat. FenzoFx explains that beating the $2.21 resistance could trigger renewed bullish momentum. “However, if XRP closes below $2.08, the downtrend may resume, targeting $2.00.”
Featured image from Dall.E, chart from TradingView.com
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