A Certified Market Technical Analyst (CMT) recently shared a chart discussing XRP price potential For upward rise. Based on his expectations Main technical indicatorsThe analyst believes that the XRP price rally still has a long way to go before it reaches overbought levels.
Technical indicators point to a bullish reversal for XRP price
CMT Certified Crypto Analyst Tony Severino moved to X (formerly Twitter) on December 18 Highlight The potential for XRP price reversal bullish to the upside. The analyst points to a combination of historical technical signals and a tightening Bollinger Band (BB) indicator as an indicator of a looming price rise.
The analyst expressed confidence in the XRP price forecast, admitting that he underestimated it Upside potential. He revealed that the quarterly chart for XRP/BTC looks exceptionally strong, with the three-month candle closing above Bollinger Band basis at 0.00001717, for the first time since April 2019.
Severino revealed that the price of XRP has touched the upper border of the Bollinger Band at $0.0000286, a critical level usually associated with significant upward momentum. According to the analyst, a quarterly close above this upper band could serve as a pip Buy signal for XRPConfirming that the Bollinger Bands are currently at their tightest levels in the history of XRP/BTC.
In addition to this development, XRP Relative Strength Index (RSI) On the three-month chart it is 47.87, moving steadily towards 50 after breaking the RSI-based moving average at 43.44. Severino noted that an RSI above 50 often indicates increasing strength in the cryptocurrency, and historically, some of the biggest price moves have occurred when the RSI is above this level.
The analyst also revealed that XRP Fisher transform It is an upward flip. This technical indicator is used to identify changing prices and trend reversals in cryptocurrencies. According to Severino, the Fisher conversion of XRP has turned positive after showing several years Bullish divergenceWhich enhances the possibility of higher prices and optimistic expectations.
Oscillators are indicating an extended uptrend
In addition to his technical indicators, Severino revealed that oscillator indicators such as Logarithmic Moving Average Convergence (Divergence)LMACD) The Stochastic Oscillator indicator indicates a possible rise in XRP prices. Currently, the bearish momentum of XRP’s LMACD is weakening and is steadily approaching the first bullish crossover on the XRP/BTC chart. This pivotal shift indicates a Possible trend reversalWhich indicates an extended uptrend for XRP price.
At the same time, Stochastic oscillator The %K line reached its highest reading of 71, indicating the potential for a strong rally Continuing upward momentum. The technical indicator also highlights that XRP still has a long way to go before it enters the overbought zone. As of the time of writing, the price of XRP is trading at $2.36, which represents a 6% decline from its previous price of $2.5 over the past 24 hours, according to CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
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