Crypto analyst Crypto Perception lately predicted that the price of XRP could possibly be getting ready to go previous the $1 mark in simply 16 days because the XRP’s Relative Power Index (RSI) and open curiosity proceed to realize momentum indicating a bullish pattern.
XRP Weekly Relative Power Index
On Sunday, October 29, the crypto analyst shared his predictions on X (previously Twitter) highlighting that XRP may be ready for a big upward trajectory as a result of power of the XRP’s weekly RSI, because it positive factors traction towards coming into a bullish zone.
Associated Studying: XRP Price To Go Parabolic, Here’s When
It’s because the momentum of an asset’s value motion is measured by the Relative Power Index (RSI). There are two indicator characteristic strains within the RSI chart and these embody the RSI line (purple) and the RSI-Based mostly MA line (yellow).
Within the RSI chart, a sign of rising momentum and a bullish cross is produced every time the RSI line crosses above the RSI-based MA line; as seen within the XRP weekly chart posted by Crypto Perception on X.
XRP skilled the cross for the primary time within the first week of July, and after this occurred, the cryptocurrency skilled an incredible surge in value by July 13, which led to XRP’s yearly excessive of $0.93. Nevertheless, through the correction that adopted, the RSI line fell beneath the RSI-based MA line.
In keeping with crypto perception, the road is as soon as once more making an attempt to traverse above the RSI-based MA line as of the time of his discovery, and the crossing has been realized. As of the time of his revelation, the RSI line was sitting at 53.91, whereas the RSI-based MA line was sitting at 51.01 presenting a bullish signal.
The crypto analyst additional shed extra gentle on the timing for these potential developments. Crypto Perception speculated that XRP may be touching a resistance degree as of the time of his disclosure, and the resistance degree could possibly be a significant level for XRP price movement.
He additionally added {that a} bullish cross for the RSI might buttress each bulls and punters to have interaction available in the market and stake their bets. Notably, this surge in buying and selling exercise might present XRP with the force it needs to swiftly escape into the goal vary.
Associated Studying: XRP Price Could Blast Off In 18 Days, Here’s Why
Thus far, the goal vary that was arrange by the crypto analyst in his chart was between $0.8875 to $1.3617. He believes that XRP might hit this value vary within the subsequent 16 days because the rally in July, noticed the XRP value virtually claiming the $1 mark, however failed as a result of vital resistance it confronted.
The crypto analyst additionally identified the XRP’s open interest in his projections. He highlighted that open curiosity has room to rise considerably, and it appears to be growing larger highs.
Open Curiosity is the general variety of pending futures contracts for a specific cryptocurrency. Subsequently, a rise in open curiosity can point out rising market participation and keenness amongst buyers, and it could additionally result in elevated liquidity and doubtlessly set off a price rally for a cryptocurrency.
Featured picture from AltcoinsBox, chart by Tradingview.com