XRP, Will it end 70 days of sideways movement...? "Don't give up out of boredom and miss the $2 rally"

▲ XRP

XRP has been testing investors' patience, staying within a narrow range around $1.40 since May. Despite 70 days of sideways movement, technical indicators and historical returns suggest that XRP could enter a strong rebound phase this month.

U.Today reported on May 5 (local time) that, based on the TradingView daily chart, XRP has not yet gained enough strength to clearly cross the middle line of the Bollinger Bands. The current price remains near the bottom of the channel, which is often interpreted from a trading perspective as an accumulation phase preceding a breakout after a long period of sideways movement.

The key is the monthly chart. On a monthly basis, the middle line of the Bollinger Bands is located at $2.03. This price level has been presented as a critical benchmark separating the current stagnant trend from a return to a global bullish trend. For XRP to reach this level, it needs to rise by approximately 45% from its current level.

According to CryptoRank data, XRP's average historical return in May is 23.4%. While May is traditionally considered a favorable month for XRP, for XRP to reach the psychological resistance of $2 this year, it would need to achieve a rise nearly double its past average return.

U.Today assessed that such a scenario, while ambitious, is not impossible. The market is closely watching for progress on the U.S. cryptocurrency market structure bill (CLARITY). Analysis suggests that if XRP's digital asset status becomes clear at the legislative level, it could act as a catalyst for a 45% rally.

As of May 5, XRP continues its wait-and-see approach. If it breaks through the resistance level around $1.50 within the next week, XRP's May trend could shift to a more aggressive bullish scenario, surpassing its historical average.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*