XRP has fallen to the $1.20 range, and an analysis said the short-term move is likely to stay within a range rather than extend a clear trend.

On June 3, blockchain media outlet The Crypto Basic reported that analyst Credible sees XRP as not yet ready to enter a full-scale breakout phase to the upside or downside.

In a post on X, formerly Twitter, Credible said he has been closely watching XRP's short-term trading range. He said the current structure is similar to Hedera (HBAR)'s recent move, but while HBAR has already tested the top of its range, XRP is still trapped between key support and resistance levels.

Credible then presented an XRP/USDT chart and said he expects XRP to test both the highs and lows of the current range. He added that it is hard to be sure which side will be touched first. That is seen as meaning that fluctuations within the range could continue rather than a clear direction being set.

He said he believes XRP is not yet ready to enter a large-scale expansion move. Instead, he put more weight on the likelihood of sideways consolidation continuing in the short term. The chart points to resistance near $1.67 and support near $1.11. He said XRP is moving up and down within that zone while waiting for a clear trend to form.

Behind that view is also his assessment of the XRP/BTC chart. Credible said that chart does not yet support an immediate bullish expansion phase. As a result, he said, 'rough range-bound volatility' could continue as buyers and sellers battle for control in the current zone.

Market conditions are also weighing on XRP. Recently, bitcoin and major crypto markets have faced pressure from institutional outflows through spot bitcoin exchange-traded funds (ETFs). ETF outflows have exceeded $1 billion so far this month, and as investors rebalance digital-asset exposure in a risk-off flow, expectations that peak interest rates will stay high for longer and a shift of funds into artificial intelligence (AI)-related stocks have also continued.

For now, the key point to watch is where the current trading range is shaken first. Credible said XRP could test both the upper and lower levels, but left open which direction will come first. Until the market checks ETF fund flows and whether risk appetite recovers, the possibility has been raised that a tussle between $1.11 and $1.67 will continue.

Been watching this LTF range on $XRP for some time now. It's very similar to the LTF range on $HBAR (which already took it's highs). I think at some point we will take both the highs and lows of this range- not sure which will come first but don't think we are ready for… https://t.co/UDsZ3ONnl1 pic.twitter.com/wS9GQBAe0v