XRP Price Analysis: RSI Breakout Hints at Potential Surge, Analyst Says
coinedition.com 16 September 2024 13:43, UTC XRP is flashing bullish signals after its recent breakout and retest of the weekly Relative Strength Index (RSI), according to analyst Dark Defender.
This suggests the cryptocurrency could soon push decisively above the $0.6044 resistance level, potentially climbing towards its next target at $0.6649. A break above this key resistance could signal the end of XRP’s current consolidation phase.
Hey there. #XRP had an excellent break-out and retest in the weekly RSI.
I expect the price will strongly break $0.6044 within hours & proceed for the level boss, $0.6649.
When the boss is eliminated, we will all say “Ciao” and never see him again.#XRPCommunity pic.twitter.com/yuMsgIYBXg
— Dark Defender (@DefendDark) September 15, 2024
Key Price Levels and Resistance Zones
Dark Defender’s analysis on the weekly chart reveals that XRP has recently tested significant support levels around $0.2875, indicating strong buying interest at those lows. The 23.60% Fibonacci retracement level at approximately $0.3917 serves as another crucial support zone for potential pullbacks.
Read also: XRP Price Surges on Grayscale Trust News, Ripple CEO Predicts Growth
On the upside, XRP faces resistance near the $0.5891 area, aligning with the 61.80% Fibonacci level at $0.6044. The 70.20% Fibonacci level at $0.6649 represents another key resistance point to watch.
Technical Indicators: Mixed Signals
The Ichimoku cloud currently reflects a bearish outlook for XRP. The cryptocurrency is trading either within or below the cloud, signaling ongoing market pressure. A breakout above the cloud could indicate a shift from a bearish to a bullish trend, suggesting a potential reversal in market sentiment.
The RSI analysis shows a significant weekly resistance line, with XRP facing repeated rejections. This indicates that bullish momentum remains weak until a confirmed breakout occurs. However, the RSI appears to have broken above this resistance and is currently retesting this level, often a precursor to further upward movement.
Derivatives Market Data
As per Coinglass data, volume has decreased by 29.77% to $1.29 billion, and open interest has dropped by 8.58%, standing at $615.90 million. Options volume has fallen sharply by 32.53%, reaching $375.10 million, though options open interest has risen slightly by 1.42% to $412.95K. The long/short ratio on Binance for XRP/USDT is 2.5448, suggesting a dominance of long positions, while OKX’s ratio is at 1.79.
At press time, XRP is priced at $0.572161 with a 24-hour trading volume of $909,750,670. The cryptocurrency has also noted a 2.95% drop from the past 24 hours. The 1-day RSI is at 52.62 suggesting a neutral market status while 1-day MACD trading above the signal line points towards a potential short-term bullish market.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
