Analyst Says Nothing is Broken for XRP. Here’s why

Cryptoinsightuk (@Cryptoinsightuk), a well-known crypto analyst, has highlighted significant bullish divergences in XRP’s price action across multiple timeframes.

According to his analysis, XRP has maintained the lower boundary of its established range despite recent aggressive pullbacks. This ability to hold critical support levels suggests a potential reversal or continuation of the upward trend.

Analyzing the first chart, which represents XRP’s price action on the daily timeframe, the analyst notes that the price has sustained the range lows while forming a bullish divergence on the Relative Strength Index (RSI).

This type of divergence occurs when the RSI moves higher and price action remains flat or declines slightly. This indicates that selling momentum is weakening and a potential reversal may start. Cryptoinsightuk views this development as a positive sign for XRP’s market structure and expects bullish momentum like other prominent analysts.

Strengthening Indicators on the 3-Day Chart

Expanding on the analysis with a second chart, representing XRP in the 3-day timeframe, Cryptoinsightuk points out that the standard RSI is currently at the same level as when XRP was priced at $0.55.

This observation suggests that the recent downturn was a correction rather than a full trend reversal. The analyst further emphasizes the importance of a bullish RSI crossover, which could signal a continuation of the uptrend if the price maintains its current range.

The stochastic RSI, another key momentum indicator, is trending upwards from oversold levels. This further supports the argument for a potential bullish reversal. Cryptoinsightuk reinforces this stance by stating that “nothing is broken, this is just a correction,” indicating that the overall structure of XRP’s uptrend remains intact.

Market Sentiment and Outlook

The current XRP price action reflects strong support, as buyers have stepped in to defend the range lows. The presence of bullish divergences on multiple timeframes suggests that selling pressure is diminishing, increasing the likelihood of a price rebound.

A well-known analyst recently predicted a move to $333. While this is an ambitious target, it reinforces the sentiment that a reversal is imminent, and the digital asset could test new highs.

XRP is currently trading at $2.18 after increasing 6% from yesterday. The digital asset dipped briefly below $2, but the strong support around $1.9 pushed it back. The asset still holds key support levels, suggesting Cryptonightuk’s prediction may come true soon.

Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.

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