A certified Chartered Market Technician (CMT) analyst recently shared a chart that discusses the XRP price to increase speed. Basing his guess on important technical indicatorsthe analyst believes that the XRP price rally still has a long way to go before it reaches overbought levels.
Technical indicators Signal XRP Price Bullish Reversal
CMT certified crypto analyst Tony Severino took to X (formerly Twitter) on December 18 to highlight the power to be i The price of XRP is moving higher. The analyst points to the combination of historical technical signals and the strengthening of Bollinger Bands (BB) as an indicator of an upcoming price rally.
The analyst expressed confidence in the price of XRP, admitting that he had underestimated its price. bullish energy. He pointed out that the XRP/BTC quarterly chart looks incredibly strong, as its three-month candlestick closed above Bollinger Bands base at 0.00001717, for the first time since April 2019.
Severino pointed out that XRP price touched the upper Bollinger Band at $0.0000286, a critical level that is often associated with significant bullish momentum. According to the analyst, closing in a quarter above this top group can work as buy XRP signalemphasizing that the Bollinger Bands are currently at their strongest level in XRP/BTC history.
In addition to this development, XRP’s Relative Strength Index (RSI) on the three-month chart it is 47.87, advancing towards 50 after breaking above its RSI-based average of 43.44. Severino noted that an RSI above 50 usually indicates growing strength in a cryptocurrency, and historically, some of the biggest price movements have occurred with an RSI above this level.
The analyst also pointed out that XRP Fisher Transform turns bullish. This technical indicator is used to identify changing prices and trend reversals in cryptocurrencies. According to Severino, XRP’s Fisher Transform turned positive after years of showing bullish variationwhich further reinforces its power of price meeting and optimistic outlook.
Momentum Oscillators Show Upward Stretching
In addition to its technical indicators, Severino revealed that dynamic oscillators such as the Logarithmic Moving Average Convergence Divergence (LMACD) and the Stochastic Oscillator point to a potential price rally for XRP. Currently, the bearish momentum of XRP’s LMACD is weakening and slowly approaching a bullish crossover for the first time on the XRP/BTC chart. This important change suggests a a possible trend reversalwhich indicates an extended rise in the price of XRP.
Meanwhile, the Stochastic Oscillator on the %K line it reached its highest reading of 71, indicating a strong potential continuous upward pressure. The technical indicator also highlights that XRP still has a long way to go before it enters overbought territory. As of writing, the price of XRP is trading at $2.36, marking a 6% drop from its previous price of $2.5 in the past 24 hours, according to CoinMarketCap.
The featured image was created with Dall.E, a chart from Tradingview.com
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