The XRP cryptocurrency has reached a record low in its Relative Strength Index (RSI), indicating a critical turning point for the digital asset. EGRAG Crypto, a market analyst, has highlighted this significant drop on the monthly chart, suggesting that a shift in market dynamics is imminent.
According to EGRAG Crypto, the XRP RSI has plummeted to an unprecedented low below the monthly level of 38.02, indicating that the cryptocurrency is heavily oversold and may be poised for a trend reversal. This new low surpasses previous dips in 2017, 2020, and 2021, where the RSI also dropped before notable recoveries.
Despite the historic low, the RSI is currently showing an upward curvature, indicating a potential change in momentum. EGRAG Crypto suggests that this could lead to a major price spike for XRP, with a corresponding rise in the RSI. While specific price targets for XRP were not provided, short-term targets for the RSI were set at 54.00 and 60.00. Higher thresholds of 70.00 and 79.00 indicate stronger bullish activity.
In another analysis, EGRAG Crypto projected an upward movement for XRP, anticipating breakout targets between $1.2 and $1.5. With XRP’s current price at around $0.5153, this prediction implies a potential price increase of approximately 182%. The analyst emphasized that a rise in the $0.7 to $0.75 range would confirm the path towards the $1.5 target, and expressed confidence in this breakout occurring within the next few weeks.
However, EGRAG Crypto also noted the possibility of XRP retesting the breakout level, which could result in a temporary dip or encounter further resistance before the anticipated price surge.
It is important to note that this content is informational and should not be considered financial advice. The views expressed in this 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.