Bulls are charging in the #XRP market! 🚀 Expert analysis points to a $1.36 target, driven by strong RSI signals and surging open interest. Read More The post XRP: Expert Eyes $1.36 Target Based on This Key Indicator appeared first on Crypto News Land.
- A strong RSI and bullish MA crossover support XRP’s potential to surpass $1.
- Increased XRP futures open interest signifies growing market confidence and hints at a possible price upswing.
- The current price of XRP is $0.579945, indicating a 3.85% increase in the last 24 hours.
Central to this optimistic outlook is the Relative Strength Index (RSI), a pivotal tool for assessing price momentum. XRP’s price range from $0.8875 to $1.3617 has rekindled hopes witnessed between April 2021 and March 2022. Despite resistance during a previous attempt in July, XRP currently stands resilient at $0.55285, marking a notable 3.85% uptick in the past 24 hours. Achieving the $1.3617 target necessitates a substantial 146% increase.
Source: Cryptoinsightuk
In cryptocurrency analysis, the RSI and RSI-Based Moving Average (MA) lines are vital indicators. The bullish crossover of the weekly RSI line above the RSI-Based MA line witnessed in July ignited a significant surge in XRP’s value. Presently, the RSI at 53.91 and RSI-Based MA at 51.01 echo a bullish sentiment, bolstering the optimism for XRP’s future.
Furthermore, the crypto expert underscores the pivotal role of XRP futures open interest in shaping a potential breakout. Open interest, reflecting outstanding cryptocurrency futures contracts, signifies growing market confidence. An abrupt upswing in open interest, denoted by higher highs, enhances liquidity, setting the stage for a potential price rally.
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