XRP has been struggling to keep up with the rest of the crypto market for quite some time. This is mainly due to the uncertainty surrounding the lawsuit between the US Securities and Exchange Commission (SEC) and Ripple.
Yet the well-known crypto analyst remains EGRAG optimistic. He has noted that XRP’s Relative Strength Index (RSI) has fallen to an all-time low of below 38.02, indicating extremely oversold conditions.
RSI analysis and future expectations
The RSI is a technical indicator used in financial markets to measure the speed and change of price movements. This indicator helps investors determine whether an asset, such as a stock or cryptocurrency, is overbought or oversold.
The current RSI decline is lower than previous declines in 2017, 2020 and 2021. In the past, XRP has often shown impressive recoveries after such lows. EGRAG therefore expects a similar recovery movement again. He sets his short-term RSI targets at 54.00 and 60.00, with higher thresholds of 70.00 and 79.00 if bullish sentiment continues.
XRP price prediction
The analyst predicts that XRP could rise to a price between $1.2 and $1.5. With the current price of XRP around $0.51, this represents a potential upside of approximately 182%.
EGRAG emphasizes that a price increase to the region of $0.70 to $0.75 would confirm the path to the $1.5 target.
However, he notes that there may be a temporary dip or additional resistance before this expected price increase is achieved.
Final phase Ripple lawsuit
The lawsuit between the SEC and Ripple is nearing a conclusion and could have a significant impact on the XRP price. Recently, Ripple Labs filed a request to seal certain documents related to the SEC motions. This request supports their previous position and came in response to the SEC’s objection to Ripple’s May 21 legal request.
However, the SEC opposes sealing financial details and rebates to institutional buyers of XRP. Ripple states that this request is intended to protect confidential company information and the interests of third parties.
Trade €10,000 for free and get a 10 euro bonus
Do you want to enter the crypto world and perhaps buy XRP or another crypto? Then grab your chance now with this exclusive offer! Thanks to a special deal between Newsbit and Bitvavo, one of the most accessible and user-friendly crypto exchanges in Europe, our readers receive an exclusive offer.
Create an account with Bitvavo via the button below and receive a welcome gift of 10 euros completely free. And that’s not all – you also don’t pay trading fees on your first 10,000 euros in transactions. Register now!
Source: https://newsbit.nl/crypto-analist-verwacht-xrp-koers-van-150-na-historisch-lage-rsi-waarde/
