Renowned crypto analyst JD (@jaydee_757) has analyzed the XRP/USD trading pair and highlighted technical indicators that could send XRP on a rally to $5. With the crypto community eagerly awaiting XRP’s next move, JD’s prediction reveals two crucial price thresholds before the potential rally.
JD’s analysis is built on the weekly chart of XRP/USD, emphasizing the importance of patience and ignoring irrelevant news about Tokens.
Read Also: We Asked Google Bard How High XRP Price Would Rise After Ripple-SEC Lawsuit, Here’s What it Said
JD also ignores short-term movements in favor of the “macro view.” Despite short-term concerns, the chart displays a “hidden bullish divergence” on the Relative Strength Index (RSI) and Scholastic Relative Strength Index (SRSI).
JD’s analysis focuses on a symmetrical triangle pattern forming on the logarithmic scale chart of XRP/USD. This pattern shows a consolidation phase with a potential upward or downward breakout.
Breaking the lower trendline on the symmetrical triangle could bring a bearish trend while breaking above the upper trendline on the triangle could indicate a bull run. JD highlights the $0.47979 support level in the chart. This level could be a robust support, indicating potential stability for XRP’s price.
JD also highlights the hidden bullish divergence in the RSI and the SRSI. This divergence, with higher price lows and lower RSI lows, shows reducing bearish momentum, potentially foreshadowing a bullish phase.
Read Also: Three Events with the Potential To Make XRP Price Explode This Year
The SRSI displays a similar pattern, reinforcing the bullish outlook for XRP in the medium to long term. The RSI is currently around 45.53, showing that XRP is not overbought or oversold.
The signs JD highlighted point to strong bullish sentiments for XRP. However, XRP might suffer a price drop before the bullish trend emerges. This pattern persisting could send XRP to $5, according to JD.
One user asked what would happen to XRP’s price when ETFs got approved. After Grayscale’s victory in August, it’s only a matter of time before the ETF approval, and JD states that the chart would play out as predicted.
In response to a doubter who stated that XRP would never reach the green arrow shown on the chart, JD stated, “Nobody can predict the timeframe or know when we would start getting the next impulse move up.”
Another user recommended that everyone hold on to XRP for a long time. Although JD can’t tell when his prediction will happen, Google Bard recently predicted when XRP would reach its next all-time high.
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