• 26 May, 2024
Market News

Analyst Predicts Higher Highs for XRP’s Weekly RSI in Current Market Cycle

Crypto analyst Egrag Crypto has shared an update on XRP’s price movement through a detailed RSI analysis. According to his analysis, XRP typically displays a dual-cycle top phenomenon. In the observed patterns, the initial peak almost mirrors the subsequent one, although in the second cycle, known as cycle B, the heights have slightly decreased.

This pattern is becoming apparent once again. The current bottom formation in XRP’s market behavior resembles those of previous cycles, suggesting a similar trajectory might unfold. The focus is on the Weekly RSI levels. Egrag highlights that XRP’s RSI is poised to reach new heights, potentially targeting a range between 90 and 95. Such a move would indicate a strong bullish momentum, drawing significant attention from investors alike.

Additionally, Egrag advises the XRP community to remain alert. Once the weekly RSI surpasses 70, it could mark the beginning of more dramatic market movements. The stability and steady increase in RSI is viewed as a precursor to potentially lucrative trading opportunities.

XRP’s current market performance exhibits a bearish outlook following the broad market dip. XRP is exchanging hands at $0.5215, down by 3.40% since yesterday’s close. Despite today’s drop, XRP remains bullish on the weekly chart, recording a gain of 6.50%. Following the sharp correction on April 14, which saw XRP seek support at the $0.4300 level, XRP has been consolidating around the $0.5000 region. 

The market capitalization is $28 billion, a decline of 2.50%, while the trading volume has seen a significant decline of 35%, with a value of $1.17 billion. Should XRP maintain above the $0.5000 key level, the bulls could pave the way for a retrace toward $0.6000. However, should the current trend hold, XRP could face a decline again toward $0.4500. 

XRP/USD chart: TradingView

Looking at the technical indicators, XRP presents a bearish outlook. The Bollinger band indicator is converging, suggesting a reduced volatility in XRP’s market. XRP has dropped below the middle band at $0.5246, indicating a bearish trend. However, the Moving Average Convergence Divergence (MACD) suggests an increased buying pressure as the MACD line continues to climb further above the signal line.

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