Cryptoinsightuk (@Cryptoinsightuk), a crypto educator on X, has suggested that XRP could surpass the $1.3 price mark in 16 days, driven by the recently formed golden cross on the weekly Relative Strength Index (RSI).
In his recent analysis of XRP, Cryptoinsightuk outlined the reasons for his bullish prediction, considering factors such as the RSI and open interest.
$XRP Blast off in T-16 days.
On the Weekly time frame, $XRP is telling me we could be prepping to take off.
The RSI is about to cross bullish.
Open interest has room to spike significantly and looks to be putting in higher highs, roughly 2/3 weeks after it touches the floor,… pic.twitter.com/AttqpZmK5d
— Cryptoinsightuk (@Cryptoinsightuk) October 29, 2023
Read Also: XRP Price Abruptly Surged To $5,791 On Binance. Pundits Speculate On Likely Cause
The Weekly RSI
The Relative Strength Index (RSI) is a key indicator of an asset’s price momentum. The chart provided by Cryptoinsightuk shows the RSI line (in purple) and the RSI-Based MA (Monthly Average) line (in yellow). When the RSI line crosses above the RSI-Based MA line, it signals a bullish crossover, indicating upward momentum.
The last time this crossover happened on XRP’s weekly chart was in the first week of July. Following that event, XRP saw a remarkable surge, reaching $0.93 in July. However, the RSI line dipped below the RSI-Based MA line during a subsequent correction.
Cryptoinsightuk has observed that the RSI line has crossed the RSI-based MA line. The chart shows the RSI line stands at 53.63, and the RSI-based MA line at 52.00, confirming a bullish signal.
XRP Open Interest
Cryptoinsightuk also drew attention to the open interest in XRP futures, saying, “Open interest has room to spike significantly and looks to be putting in higher highs, roughly 2/3 weeks after it touches the floor, which could’ve been last week?”
Open interest is the total number of outstanding futures contracts for a cryptocurrency. Cryptoinsightuk highlighted that open interest has the potential for significant growth and could form higher highs.
Increasing open interest suggests a growing level of market participation and enthusiasm among traders. This boost in open interest could enhance liquidity and lead to a price surge.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Read Also: Based on Bullish Monthly Pennant, Analyst Predicts XRP Price Surge To $2
Cryptoinsightuk also emphasized the timing, indicating that XRP might currently be facing a resistance level. This resistance level could be a crucial juncture for XRP’s price movement.
A bullish RSI crossover may encourage bullish investors and traders to enter the market, providing the momentum needed for XRP to break out and reach the target range between $0.8875 and $1.3617.
The Community’s Reaction
Mukesh Singh (@singhmukesh21) asked why $1.3 was the target, wondering why XRP couldn’t go higher. Cryptoinsightuk replied that this price target was just for this move, suggesting it could go higher in the future.
Another user added that XRP would need a good weekly close, which Cryptoinsightuk agreed with. This prediction has a similar target as another prediction from a prominent analyst but with a much quicker timeline.
Follow us on Twitter, Facebook, Telegram, and Google News
