XRP Coiling Like a Spring, Next Move Could “Melt F

A market analyst says XRP is now coiling like a spring, suggesting that a breakout could lead to a face-melting move.

The recent analysis, which came from market technician Melarin, emerges as XRP faces another roadblock to the latest recovery attempt. Specifically, after posting impressive gains at the start of July, XRP witnessed massive resistance at the $2.31 peak on July 3 and has since continued to correct.

XRP Has Continued to Coil for Nearly Two Months

However, Melarin insists that this is part of a broader pattern that could see XRP explode considerably in the future. Particularly, Melarin showed that XRP has been coiling significantly on the 4-hour timeframe since mid-May, after it collapsed from the $2.65 local top on May 12.