In a recent livestream on June 15, cryptocurrency analyst Cantonese Cat provided insights on the ongoing consolidation of XRP, cautioning viewers against underestimating the current sideways movement. Despite XRP trading within a narrow range for more than six months, he believes that the cryptocurrency is accumulating momentum for a significant upward movement, potentially reaching prices between $6 and $8 once it breaks free from its prolonged technical constraints.
Cantonese Cat noted that XRP has remained stable for seven months, consistently adhering to a Gann line. He referenced a long-standing Gann arc structure that XRP has been testing since late 2024, interpreting these repeated tests alongside the asset's ability to maintain key support levels as indicators of strength rather than weakness. He suggested that XRP is poised for a sudden and impactful move.
The analyst highlighted that XRP's current price is positioned just below a crucial Gann resistance level, which aligns closely with a Fibonacci extension target of $6 to $8. He expressed confidence that a decisive break through this level could initiate a long-anticipated parabolic rise for XRP. Additionally, he pointed out that XRP has recently surpassed the monthly Ichimoku Cloud, marking a significant bullish milestone in technical analysis.
Cantonese Cat emphasized that XRP has maintained its position above the Tenkan and Kijun lines without reverting back into the cloud, which he considers a clear sign of bullish sentiment. He described the overall market structure as a classic breakout scenario, where XRP has successfully cleared a horizontal resistance level and is now testing it as support.
To further bolster his argument, he referenced Fibonacci retracement levels, particularly XRP's activity around the 0.86 level, suggesting that a strong breakout above this threshold could lead to new all-time highs. When questioned about the current lack of market movement, he dismissed it as mere noise, asserting that XRP is simply biding its time before a significant shift occurs.
According to Cantonese Cat, the subdued market activity does not indicate weakness; rather, it suggests that XRP is consolidating in a low-volatility environment, typically a precursor to a surge in volatility. He expressed optimism, stating that once XRP concludes its current phase, a considerable upward movement is likely.
Despite XRP's relatively quiet performance compared to other cryptocurrencies like Bitcoin and Solana, Cantonese Cat reassured viewers that there is no structural damage evident on the chart. On the contrary, he views XRP's sustained adherence to long-term support levels as a sign that it is merely coiling beneath resistance, preparing for a breakout.
In a market increasingly characterized by breakout-driven trends, he portrayed XRP's current stagnation not as a setback but as a deferred opportunity. He reiterated that XRP continues to hold its Tenkan and Kijun levels well, reinforcing his bullish outlook.
While he did not specify a timeline for potential price movements, he highlighted critical levels to monitor. If XRP successfully ascends above the monthly Gann arc and remains strong above the 0.86 Fibonacci zone, the $6 to $8 range could soon become a reality, surpassing previous all-time highs and significantly shifting market sentiment from indifference to excitement in a short period. Until then, he cautioned that XRP's breakout may be subtle but impactful, urging those overlooking XRP to pay attention. As of the latest update, XRP was trading at $2.20.
