JD (@jaydee_757), a popular market analyst, has shed light on the essential conditions that XRP needs to meet to potentially reach the $10 mark, breaking free from a trendline that has held it captive for over five years.
The analyst has pinpointed two critical factors based on the Relative Strength Index (RSI) and the Stochastic Relative Strength Index (Stoch RSI) movements observed in a monthly chart. According to JD, the confirmation of an impending trendline breakout hinges on these indicators crossing specific thresholds.
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The Breakout Thresholds
JD presents a chart showing that XRP has been persistently trading beneath a descending trendline since it fell from its all-time high in January 2018.
The asset made two notable attempts to break free from this trendline, first reaching $1.96 in April 2021 and $0.93 in July after Ripple’s first victory over the U.S. Securities and Exchange Commission (SEC), only to be met with resistance from the descending trendline.
JD has emphasized that the first condition for XRP to break free from the trendline is for its monthly RSI to cross above a particular green line, which it has been below since May 2017.
There is still hope for XRP because the green line has been descending since its creation. This persistent downward slant could eventually lead to an XRP breakout. JD shows the RSI at 52.51, inching closer to crossing above the green line.
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The second condition JD lays out is that both lines of the Stoch RSI (%K and %D) must cross above the 80 level, marked by a green horizontal line. He pointed out that it recently witnessed a bullish cross as the %K line (blue) moved above the %D line (orange). However, JD noted that this bullish cross alone won’t suffice for an XRP breakout.
JD confirmed that a similar move happened in 2017 before XRP embarked on a massive rally. The chart shows both %K and %D lines are below 80, with %K at 65.89 and %D at 63.07.
Can XRP Reach $10?
JD is optimistic about the fulfillment of these conditions. He has marked a target range with a minimum price target of $3.5 and a maximum target of $10.
The analyst also recently shared what needs to happen for XRP to surge to a level between $5 and $8. In the short term, XRP has recently crossed $0.60. XRP is trading at $0.6074, marking a 0.96% drop over the past 24 hours.
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