According to a recent tweet from analyst EGRAG, Ripple’s (XRP), RSI has reached its lowest value ever. 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
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. RSI below 30 is considered a low value and a bullish sign.
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EGRAG Crypto highlights the significance of the historical low in the tweet. He said, “If this isn’t a positive signal, I don’t know what is.”Analysts also note that the RSI curve is moving upwards. This also indicates that the indicator has plenty of growth room as it moves up to 70, and possibly 80.
A reversed head and shoulders pattern could indicate a potential reversal
Another Analyst Cryptoes, has identified an inverse head and shoulders (H&S) pattern forming on the XRP/BTC chart. The pattern developed over a period of 13 weeks and is located right above an important level of support.
A bullish pattern, an inverse head-and-shoulders pattern occurs when a downward trend is reversed. The pattern is defined by three successive troughs.
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Cryptoes is hopeful that this pattern signals the beginning of a longer-term reversal in XRP. The price could rise significantly in the future.
Many XRP investors and enthusiasts are wondering if the crypto can reach $1 soon. This is because respected analysts have identified these bullish signs. Although it is difficult to predict the timing of a significant price change, current market indicators and technical indicators suggest that XRP could be set for a big upside.
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Source: watcher.guru