Analyst Says Don’t Get Distracted As RSI Is Still Above A Bullish 50%
Recent technical analysis shows that XRP price is consolidating after breaking above key resistance levels to reach new highs. Cryptocurrency analysts have warn about to happen XRP price plummetsurging investors not to be distracted as the RSI remains well above 50%. Discussing his predictions through the short and long term XRP Price ChartAnalysts say that despite an impending correction, the cryptocurrency remains firmly in a bullish trend.
XRP Price RSI Hints at Potential Crash
On the 4-hour XRP chart, double-click on the structure at Relative Strength Index (RSI)a technical indicator used to measure cryptocurrency momentum. This double-click pattern usually indicates further downward movement before appearing. price stability.
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X (former Twitter) cryptocurrency analyst Dark Defender said that the RSI’s repeated dips into oversold territory indicate that the price of XRP may plummet to new lows. The analyst revealed that the XRP price had previously Found strong support $2.17; however, the cryptocurrency experienced a rebound.
After hitting this support level, XRP price is currently consolidatingthis pattern is often associated with an underlying uptrend after a correction. albeit slight market recoveryAnalysts warn that another price collapse is imminent in the same support area as the RSI approaches oversold levels again.
In early December, RSI has hit oversold territory After falling below 30%. XRP’s RSI is now above 50%, indicating that the price is likely to correct between the $2.17 and $2.18 support levels. Dark Defender revealed that a price crash could happen soon as XRP is expected to enter oversold territory within a day.
Despite this potential price correction, analysts admit that the overall outlook for XRP remains bullish, with the upward trend expected to continue once the market consolidates following an expected price drop to new lows. The Dark Guardian also predicted XRP’s next price target After this expected correction, the price is likely to trade above $3, which would represent a nearly 40% rise from the $2.17 support area.
XRP 3-month chart shows strong bullish pattern
After predicting that XRP price may collapse as it enters an oversold state, Dark Defender also shared a 3-month chart analysis depicting Cryptocurrencies have a brighter future. This chart shows that XRP recently broke out Multi-year resistance level This is the first time this has occurred in more than five years, marking a strong bullish turn.
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Three-month green candle structure between October and December confirmed strong buying pressuresetting the stage for potential bullishness in the first quarter of 2025 (January to March). one round bottom pattern This can also be seen on the XRP 3-month chart. This pattern is a classic bullish reversal structure that indicates a gradual shift from a downtrend to an uptrend.
Dark Guardian tagged several Fibonacci levels as a potential price target for XRP. According to analysts, XRP may rise by 261.80% to reach the 5.8563 Fibonacci level between $5 and $9. Following this, analysts expect a 361.80% surge to the 18.2275 Fib level between $16 and $28. The 0.6649 Fibonacci support level at $0.9 is also highlighted, acting as a safety net for XRP during price corrections.
Featured image created using Dall.E, chart from Tradingview.com
