Technical Analysis Indicates Potential Parabolic Movement for XRP/BTC
The technical chart for XRP/BTC reflects the possibility of a parabolic movement on the horizon. Some cryptocurrency market analysts are actively tracking the growth trends of XRP, believing that a breakthrough is inevitable. Market observer Dark Defender shared his observation, noting that the weekly chart for XRP/BTC shows the same Relative Strength Index (RSI) value as during the bull seasons of 2017 and 2021. If this signal from the technical analysis indicator proves correct, it suggests that the price of XRP may be poised for significant growth. According to the chart provided by Dark Defender, the RSI on the XRP/BTC chart is "oversold," as was the case in the cycles of 2017 and 2021, when the price of XRP surged to $3.3 and $1.9, respectively. Typically, after significant overselling, the next natural path for a cryptocurrency is accumulation, ultimately leading to price appreciation. XRP Prepares for a Rally Market analyst CrediBULL Crypto also emphasized the current bullish potential of XRP's price. He noted that the coin has experienced a sufficient decline to pique his interest. He promised to share more detailed information about the cryptocurrency's future. "In my latest video update on XRP, I said I wasn't interested until the XRP/BTC pair moved to my downside target of approximately 30% below. Well, we finally reached the point where I'm interested/pay attention to this now. I'll share more tomorrow, but I think it's time to pay attention to the coin with the biggest love/hate relationship in the cosmos." EGRAG CRYPTO shared a chart reflecting his current XRP forecast. The analyst noted that there is a risk of decline to $0.45, but if XRP closes above $0.60 in the near future, it is crucial, as it would signify a close above the 21 EMA on the two-week timeframe, as well as the overcoming of a local resistance level in the form of a candle. "7000% PUMP: The idea of transitioning to 7000% from $2 may seem incomprehensible to 99% of people, but once utility begins to manifest, it could be just the beginning of a multi-year trend." But these are not the most fantastic forecasts yet. A recent forecast by CryptoBull (@CryltoBull2020), an XRP analyst, has sparked both hope and skepticism within the community. The bold forecast implies a sharp rise in XRP prices, echoing patterns observed seven years ago. According to this scenario, XRP is forecasted to reach $2 by March, $6 by April, and an astounding $39 by May. Read the full article
