Markets
Market Analyst Identifies Crucial XRP Targets as RSI Hits All-Time Low
Market analyst EGRAG Crypto reports that the XRP RSI has hit an all-time low, indicating extreme oversold conditions with a potential rebound target of 80.
XRP’s relative strength index (RSI) has fallen to an all-time low, signaling a potentially critical moment for the cryptocurrency. As highlighted by recent analysis of EGRAG CryptoThis unprecedented drop on the monthly chart indicates an imminent change in market dynamics.
EGRAG states that XRP RSI is at its lowest level in history based on the monthly time frame.
According to EGRAG, this is a drop to an all-time low below the monthly level of 38.02, suggesting that XRP is extremely oversold and could be primed for a trend reversal.
Additionally, historical chart data shows that this new low exceeds previous declines in 2017, 2020, and 2021, where the RSI also fell before notable recoveries.
Projected target
Despite the all-time low, the RSI is currently exhibiting an upward curvature, suggesting a potential change in momentum. The chart highlights that the upward movement of the RSI is critical.
EGRAG suggests that XRP could see a significant price rise after this low, with such a rise leading to a similar rise in the RSI. Although it did not provide XRP price targets, it did set specific levels, such as 54.00 and 60.00, as short-term targets for the RSI.
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Additionally, the 70.00 and 79.00 levels are higher thresholds, indicating more robust bullish activity.
XRP at $1.5
Meanwhile, in a related analysis, EGRAG projected an upward move for XRP, predicting that it could reach breakout targets ranging from $1.2 to $1.5. With the current price of XRP hovering around $0.5153, this prediction implies a potential price increase of around 182%.
The analyst further highlighted that a rise in the $0.7 to $0.75 range would confirm the path towards the $1.5 target. EGRAG said it was convinced that this breakout could occur in the coming weeks.
However, the expert also noted the possibility of XRP retesting the breakout level, which could result in a temporary decline or encounter additional resistance before reaching the expected price rise.
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