Renowned crypto chartist JD has taken to X to share his new observations on XRP price movements. JD took a different approach in his analysis, as he centered his estimations on a long-term basis, unlike the short-term price forecasts that have since been making rounds in the crypto space.
JD’s tweet which was accompanied by an XRP weekly price chart, grabbed headlines in the crypto sphere, and this insight will focus on breaking the price chart for readers’ simplified understanding.
#XRP – PATIENCE & ignoring the news is key! Lets take a step back and look at a more macro view!
— JD 🇵🇭 (@jaydee_757) October 11, 2023
Though short term may look scary (even w/all these irrelevant news 🤦♂️), the weekly chart still creating "Hidden Bullish Divergence" on RSI/SRSI
Retweet/like for weekly update! $XRP… pic.twitter.com/SQKJpXQBOy
Read Also: Top Analyst Forecasts XRP Price Surge to $11, Says $1.5T Market Cap is Attainable
Hidden Bullish Divergence Visible On XRP’s Weekly Price Chart
Per the shared chart, it is obvious that XRP’s weekly chart is still creating Hidden Bullish Divergence on RSI/SRSI. Notedly, XRP already broke above the base of a symmetrical triangle. Should these trends persist, XRP could be on the verge of breaking above $7, as indicated by an arrow on the price chart.
In addition, the weekly Stock RSI is below 20, registering values between 7.58 and 7.66. When this Stock RSI points below 20, it indicates a coin in an oversold position, implying that XRP investors can take a new position in the asset at the upper range of 7.66.
JD also delved into some challenges in XRP’s price progression since 2015. Taking cognizance of these capitulations and other variables from his shared chart, the crypto analyst noted that long-term XRP investors are bound to be more successful than short-term ones.
Other Developments Hinting At A Potential XRP Bull Run
At the time of writing, XRP still boasts relatively good market indices, pointing to the fact that the coin still has a lot to offer.
XRP is changing hands at $0.48 with a trading volume valued at $719,349,510. The token is ranked fifth on CoinGecko cryptocurrency rankings with a market capitalization of $25,783,144,814.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Read Also: Top Analyst Forecasts XRP Price Surge to $11, Says $1.5T Market Cap is Attainable
XRP’s fifth-place ranking implies that it is only below top cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Tether (USDT), and Binance Smart Chain (BNB).
Per a previous report, whale investors still seem very much interested in the crypto asset as they now own a combined 26.8% of XRP’s supply following a recent 1.5 billion coins accumulation.
The above acquisition corroborates the fact that these large investors might perceive XRP as a good option for long-term investment. Hence, the move to accumulate the tokens at discounted prices. It is left to see how events eventually unfold in the long run.
Follow us on Twitter, Facebook, Telegram, and Google News
