• XRP witnessed accumulation within a range over the past month.
• The short-term speculative sentiment was bearish, but a move to $2.4 is anticipated in the near-term.

Ripple [XRP] has a long-term bullish outlook. Its rally to $2.9 was followed by a range formation that witnessed steady accumulation from the bulls.

Experienced commodities trader and classical chartist Peter Brandt recently called for a $500 billion market cap for XRP.

XRP range formation and the next buying opportunity

For a month, XRP has traded within a range that extended from $2 to $2.62. The mid-range level at $2.31 has served as both support and resistance over the past month, and at press time was resistance.

To the south, a fair value gap from late November was the next demand zone that XRP could see a bullish reaction from. Despite the range formation, the OBV has slowly climbed higher over the past month.

This was an encouraging sight, and showed selling pressure was weak. The RSI on the daily chart also stayed above neutral 50 to signal bullish momentum was prevalent.

A revisit of the range lows or even the $1.9 level would be a long-term buying opportunity.

Short liquidations abound overhead