XRP seems to be slowly emerging from a period of stagnation. After a disappointing first and second quarter of 2024, the value of the digital currency has increased by 50% in recent weeks. There are indications that this rise is not over yet, as several technical indicators paint a very positive picture for XRP.
Crypto-analist Harry points to important developments regarding the Relative Strength Index (RSI), an indicator that measures the speed and change of price movements to determine whether a market is overbought or oversold. On the monthly timeframe, the RSI is on the verge of breaking a 7-year downtrend that began in December 2017, when the RSI peaked at 94.57, amid an explosive rally that took XRP to an all-time high (ATH) of $3.40.
Harry highlights a recurring pattern where XRP rallies often follow Bitcoin (BTC) halvings. XRP price has historically often benefited from Bitcoin’s gains, such as after the May 2016 and April 2020 halvings. This pattern suggests that if Bitcoin now rises following its last halving in April 2024, it is possible that XRP will follow suit.
Positive outlook
According to crypto expert Zach Rector, there are more reasons to be optimistic about XRP. One important factor is the possible settlement in the lawsuit between Ripple and the US Securities and Exchange Commission (SEC). Ripple’s CEO, Brad Garlinghouse, has indicated that he expects a decision soon, which could positively influence the XRP price.
Additionally, the RLUSD stablecoin is set to launch, bringing new liquidity to the market. Additionally, rumors are swirling about a possible XRP ETF, which could mean significant capital inflows and further increase XRP’s value.
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Source: https://newsbit.nl/xrp-op-het-punt-van-explosieve-stijging-doorbraak-in-7-jarige-neerwaartse-rsi-trend/
