XRP RSI (Relative Strength Index) Breakout Imminent, Will It Mark the End of a Long Term Bearish Trend?

Popular cryptocurrency analyst Charting Guy made a bold call regarding the future of Ripple's XRP and the imminent breakout.

Popular cryptocurrency analyst Charting Guy has made a bold prediction about the future of Ripple’s XRP and an imminent breakout.

In a recent Twitter post, the analyst pointed out that the one-month Relative Strength Index (RSI) for XRP is about to cross the level of 6. This is a 5-year downtrend that is showing signs of a bullish cross over.

Charting Guy’s analysis is especially relevant as XRP has been trading inside a symmetrical triangle for the same period. Usually, it takes a long time to build such a consolidation pattern, which is why this information strengthens the idea of the proper timing for the RSI breakout.

XRP RSI Breakthrough Imminent

The analyst noted that the one-month RSI of XRP is about to breach the 6. In this case, the 5-year trends show a bearish cross that could possibly reverse to a bullish one. Despite the price being sandwiched within a symmetrical triangle for all the period described above, he retains a positive view of the Ripple token. The analyst thought that XRP could be one of the biggest opportunities in the given market cycle.

The symmetrical triangle is one of the most popular patterns used in the analysis of charts and implies that the price is in the process of forming a strong impulse. This pattern is created when two lines that are uptrend converge, and they are drawn through a series of consecutive peaks and troughs. A breach from this kind of pattern results in a large range movement in the direction of the breakout.

The crypto community has paid close attention to Charting Guy’s analysis, with many investors and traders watching the price of the coin and the RSI carefully. If the predicted bullish cross occurs, it will mark the end of a long-term bearish trend and the beginning of a new bullish trend in Ripple coin.

As the crypto market continues to evolve, XRP remains a subject of interest for analysts and traders. This possible RSI breakout and price action could solidify XRP as the most promising cryptocurrency, enhancing the possibility of it being a profitable investment in this market cycle.

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