A pseudonymous crypto educator, Cryptoinsightuk (@Cryptoinsightuk), has provided a technical analysis of XRP, suggesting that it might be on the brink of a significant bull run.
In his post on X, he highlights technical indicators, XRP’s price movements, and catalysts that could affect XRP’s price. All the signs he showcased hint at an impending surge in XRP’s price.
The Quest for a Bottom
One of the critical aspects of XRP’s recent performance has been the ongoing search for a price bottom/reversal point. XRP appears to be consolidating around a critical support level at $0.47, which Cryptoinsightuk highlighted as pivotal a while ago.
A technical update on $XRP.
We haven't broken anything. In fact, we are searching for a bottom in the EXACT area I called months ago (link in comments).
Holding above $0.47 that I have highlighted below.
The RSI has created a higher low from it's last two oversold touches.… pic.twitter.com/q7psABPFkR
— Cryptoinsightuk (@Cryptoinsightuk) September 19, 2023
Another analyst also predicted a similar critical support level of $0.4. That prediction set a $5.85 price target for XRP in the long run.
The Relative Strength Index (RSI) technical indicator shows a potential shift in momentum. Cryptoinsightuk points out that it has formed a higher low following the last two oversold conditions. This upward movement in RSI could signify a move toward a more bullish sentiment, potentially indicating an upcoming uptrend.
The analyst also states that XRP is fighting through the moving averages every day, suggesting a battle between bullish and bearish forces with the outcome hanging in the balance.
He also showed in a chart that the area, which was a support zone, had turned to a resistance zone because of large liquidations from August 17. He said this change could complicate XRP’s potential upward trajectory.
Cryptoinsightuk marked out some areas as “Gaps.” He stated that he expects short-term traders to take their profits at those points. However, these gaps could also act as areas of resistance for XRP. The behavior of XRP around these levels will likely influence short-term price movements.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Incoming Catalysts that Could Impact XRP Price
Beyond the technical analysis, he highlighted potential catalysts that could impact XRP’s price positively or negatively.
The Judge’s decision on the SEC’s request to Appeal is the first catalyst mentioned by the analyst. Although XRP has already been declared a non-security, this decision could affect market sentiment.
Cryptoinsightuk points out that these catalysts could have positive or negative effects on XRP and describes them as “something to watch.”
The Role of Bitcoin (BTC)
He further expresses his belief that Bitcoin (BTC) will surge soon, stating that it might have already started. A BTC surge could lift the rest of the crypto market. In his words, “It could catalyze an explosion for XRP. Time will tell.”