XRPs 7-Year RSI Trendline Break Could Ignite Massive Surge
A prominent crypto analyst has made a bold prediction for XRP claiming that the altcoin is poised for a significant price surge. The analysts bullish prediction is based on a key technical indicator called the Relative Strength Index [RSI] that suggests a potential breakout for the token.
Based on the provided chart, the 7-year RSI trendline, a long-term measure of price momentum, is heading toward a critical point. As per the analyst, a break above this trendline could signal a major shift in momentum and a subsequent parabolic price increase.
The analyst has identified an ascending triangle formation on the XRP chart. This technical pattern is characterized by a series of higher lows and a horizontal resistance line. As the price nears the resistance line, the potential for the pressure to break out increases.
Besides that, the analyst has marked several points where the price has been rejected from resistance levels. This could be interpreted as a sign of accumulating buying pressure.
Make sure to take calculated profits! though! Do not be the 95% who knows what they hold crashing back down to my orange box!
While the prediction is bullish, the expert emphasizes the importance of risk management. He warns against holding onto positions during a potential market downturn. Taking calculated profits can help mitigate losses and protect gains. However, the XRPs current price action is impacted by SEC uncertainty.
XRP: SEC Silence Fuels Speculation
In the daily index, the seventh-ranked altcoin defied the general market trend with a weekly decline of 7%. XRP is currently trading at $0.5. The reason behind the tokens muted price action is attributed to the speculation about an SEC appeal in the SEC vs. Ripple case. Market experts believe this might have impacted the demand recently.
Judge Analisa Torres handed down the decisive verdict on August 7, which gave both parties a 60-day window to appeal. Since the final judgment, the SEC has been noticeably quiet, which has put XRP in an unfavorable position.
Read more: https://www.tronweekly.com/xrp-rsi-ignite-massive-surge/
Text source: TronWeekly
