Ripple's XRP is currently consolidating over a longer time frame, with no significant price adjustments. Instead, the market is moving sideways, suggesting a period of consolidation within an overall upward trend. At the time of writing, XRP is down over 2%, trading at $2.17.
The upward trend continues
Despite being in a consolidation phase, XRP's overall trend remains bullish. The price action appears to be a temporary pullback rather than the start of a downtrend. If the price continues to rise, it could challenge its historical high of around $3.25 to $3.30, which also aligns with key Fibonacci levels.
Staying above the 2021 high
One crucial point to note is that XRP remains above the 2021 high of $1.96. This is a strong signal of market strength. Maintaining this level is vital for XRP to continue its positive momentum; as long as the price stays above this level, the market outlook remains favorable.