Despite seeing a year of consistent losses and heavy selling pressure in 2019, the new year has been great for XRP so far, with the crypto posting massive gains alongside its competitor Stellar Lumens (XLM).
XRP’s recent bullishness, however, may actually be a sign that XLM is about to see significantly further upside, with one analyst noting that the crypto appears to be exiting an eight-month accumulation phase that could be followed by massive upside.
XRP Begins Consolidating as Analysts Watch for the Crypto’s Next Big Movement
At the time of writing, XRP is trading down just under 1% at its current price of $0.28, which is around where it has been trading at for the past day after bulls made a futile attempt to push the cryptocurrency up towards $0.29.
It is important to note that XRP has been able to climb significantly from weekly lows of roughly $0.23, and it seems as though its rally is still in its early phase.
TraderSmokey – a prominent cryptocurrency analyst on Twitter – explained in a recent tweet that he is patiently awaiting another “pop” while also noting that he does not believe the crypto is going to drop from here.
“XRP Consolidating atm on both pairs. BTC Pair seems to be forming a bullish C-Fork atm and the USD Pair is stuck around the .28$ weekly level. Just going to keep my longs open and wait for the pop. I don’t see it dumping from here imo,” he explained.
Consolidating atm on both pairs.
BTC Pair seems to be forming a bullish C-Fork atm and the USD Pair is stuck around the .28$ weekly level.
Just going to keep my longs open and wait for the pop.
I don’t see it dumping from here imo. pic.twitter.com/wIGyiiDWPn
— TraderSmokey (@SmokeyXBT) February 7, 2020
If XRP does blast past the resistance it is currently pushing against, it is highly probable that it will rally until it finds some further resistance within the lower-$0.30 region.
Is XLM About to Significantly Outperform XRP and Exit an Accumulation Phase?
XLM has a history of tracking XRP’s price action, and as such analysts keen on seeing if it is able to garner enough momentum to significantly outperform XRP in the near-term.
CryptoBirb, another popular cryptocurrency analyst on Twitter, spoke about this in a recent tweet, explaining that he believes the crypto is about to exit an eight-month accumulation phase, which could mean a bullish trend reversal is inbound.
“Another sleeping giant I am watching after XRP is XLM. 8-month long monstrous accumulation and beginning of the new market cycle, currently trading in long-term mid range with weekly reversal confirmed. p.s. charted before it pumped,” he said while referencing the below chart.
another sleeping giant I am watching after $XRP is $XLM
8-month long monstrous accumulation and beginning of the new market cycle, currently trading in long-term mid range with weekly reversal confirmed
p.s. charted before it pumped?♂️ pic.twitter.com/sEpUBUyXk4
— Crypto₿irb (@crypto_birb) February 6, 2020
Although XLM has already posted some notable gains throughout the past few weeks, while considering XRP’s current bullishness and its ongoing breakout of this accumulation phase, it is highly probable that the crypto will soon see significantly further momentum.
Featured image from Shutterstock.
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