• 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.