A tweet sent by EGRAG Crypto, an analyst at Ripple.com (XRP), claims that the RSI for XRP has just reached its lowest level in history. This development has triggered speculation about the potential implications for XRP’s future price action.
XRP’s RSI Reaches All-Time Low on Monthly Timeframe
#XRP ALERT!
Cheapest #RSI The History of #XRP!!!See the chart below. It's based on the Monthly Time Frame, and the #RSI The lowest ever recorded level of unemployment #XRP history!
If this isn't a positive signal, I don't know what is!
You can also find out more about the following: #RSI curvature is turning upwards,… pic.twitter.com/HZr2PvUZ1G
— EGRAG CRYPTO (@egragcrypto) May 29, 2024
EGRAG Crypto’s analysis focuses on XRP’s monthly timeframe. It reveals that the cryptocurrency’s RSI has reached its lowest point ever recorded. The RSI is a popular technical indicator used to measure the momentum of an asset’s price action. A low RSI, often below 30, can be a sign that an asset is oversold and a bullish signal.
Please read also: Dogecoin: How High Can DOGE Rise This Week?
EGRAG Crypto stresses the importance of this historic low. He declared, “If this isn’t a positive signal, I don’t know what is.”The analyst notes also that the RSI is curving upwards. This also indicates that the indicator has plenty of growth room as it moves up to 70, and possibly 80.
The Inverse Head-and-Shoulders Pattern Can Hint at Reversal
One more analyst Cryptoes, has identified an inverse head and shoulders (H&S) pattern forming on the XRP/BTC chart. Over the past 13 weeks this pattern has developed right at an important support level.
A bullish pattern, an inverse head-and-shoulders pattern occurs when a downward trend is reversed. This pattern is made up of three troughs that are all consecutive, the head being the largest and the shoulders being smaller.
Please read also: ChatGPT 4o Predicts When Ripple (XRP) Could Hit $1?
Cryptoes hopes that the pattern will be a sign of an XRP reversal on a larger time frame. It could lead to a significant increase in price.
Many XRP investors and enthusiasts are wondering if the crypto can reach $1 soon. This is because respected analysts have identified these bullish signs. XRP is poised to have a large upside, even though it’s difficult to pinpoint the exact time.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: watcher.guru
