EGRAG Crypto, a market analyst, has reported that the Relative Strength Index (RSI) of XRP has reached an all-time low. This indicates that the cryptocurrency may be in a critical position. The analysis by EGRAG Crypto suggests that this significant drop on the monthly chart could lead to a shift in the market dynamics.
According to EGRAG Crypto, the XRP RSI has dropped to an unprecedented low below the monthly level of 38.02. This suggests that XRP is heavily oversold and could be ready for a trend reversal. The chart also shows that this new low is even lower than previous dips in 2017, 2020, and 2021, which were followed by significant recoveries.
Despite reaching this historic low, the RSI is currently showing an upward curvature, indicating a potential change in momentum. This upward movement of the RSI is crucial, according to the chart analysis. EGRAG Crypto suggests that XRP may experience a major price spike following this low, with the RSI also rising. While specific XRP price targets were not provided, short-term targets for the RSI were set at 54.00 and 60.00.
Additionally, higher thresholds of 70.00 and 79.00 indicate stronger bullish activity. In a related analysis, EGRAG Crypto projected an upward movement for XRP, predicting that it could reach breakout targets between $1.2 and $1.5. With the current price of XRP at around $0.5153, this implies a potential price increase of approximately 182%.
The analyst emphasized that a rise in the range of $0.7 to $0.75 would confirm the path towards the $1.5 target. EGRAG Crypto expressed confidence that this breakout could occur within the next few weeks. However, it is also noted that XRP may retest the breakout level, leading to a temporary dip or encountering further resistance before achieving the anticipated price surge.
It is important to note that this article is for informational purposes only and should not be considered financial advice. The views expressed in the article are the author’s personal opinions and do not reflect the opinion of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions, and The Crypto Basic is not responsible for any financial losses incurred.