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June 28, 2024 by Lipika Deka
After a prolonged downtrend, XRP is showing signs of stabilizing suggesting bottoming out. According to a technical analysis of the XRP/USDT weekly chart, XRP is poised for a significant recovery. The seventh-ranked token has formed strong support around its current price level, indicating a potential trend reversal. A solid base is a sign that the token has found buyers consistently at this price preventing the price from falling back.
The chart also depicted a symmetrical triangle pattern, highlighted by converging trend lines: one sloping downward and the other upward. If broken to the upside, it could lead to substantial gains because it indicates strong buying interest and a shift in market sentiment.
The market analysts predicted a midterm target of $2, representing a potential rally from the current price levels. As XRP consolidates and prepares for a possible breakout, investors are closely watching for confirmation of this bullish trend. A move above the resistance line of the symmetrical triangle could trigger a strong upward momentum, driving the altcoin toward the $2 mark.
XRP’s RSI Hit New Low
Recently the Relative Strength Index (RSI) for the XRP/BTC was at its lowest even lower than the levels seen at the 2020 Black Swan. The RSI is one of the most popular and effective oscillators that are used for technical analysis of the asset’s price moment. In this case, a very low RSI value points to the fact that XRP is in the oversold zone and if history is any indicator, such situations often lead to significant price bounces.
Amidst the constant run-ins with the regulators, the analyst’s revelation comes as a sign of relief to investors. This technical indicator indicates that it might potentially change the fortunes of XRP and lead to a price recovery.
The evaluation of noted market expert Egrag Crypto is based on past performance and technical signals that are crucial in the crypto market trading and investing. As reported by TronWeekly, in pinpointing the RSI, he underscores its capacity to stage a meaningful rebound, similar to prior market cycles worth mentioning that have presented similar conditions of leading to a meaningful spike in prices.
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