Crypto analyst Crypto Insight recently predicted that the <a href="https://bitcoinist.com/xrp-price-turmoil-seen-due-to-bidens-impending-eo/" rel="nofollow">price of XRP</a> could be preparing to go past the $1 mark in just 16 days as the XRP’s Relative Strength Index (RSI) and open interest continue to gain momentum indicating a bullish trend. 
<h2 id="xrp-weekly-relative-strength-index">XRP Weekly Relative Strength Index&nbsp;</h2> 
On Sunday, October 29, the crypto analyst <a href="https://twitter.com/Cryptoinsightuk/status/1718566574452294107?t=tRNRJabahZmmSvWTbeRcVg&amp;s=19" rel="nofollow">shared</a> his predictions on X (formerly Twitter) highlighting that XRP might be prepared for a significant upward trajectory due to the strength of the XRP’s weekly RSI, as it gains traction toward entering a bullish zone. 
Related Reading: <a href="https://www.newsbtc.com/all/xrp-price-to-go-parabolic-heres-when/">XRP Price To Go Parabolic, Here’s When</a> 
This is because the momentum of an asset’s price movement is measured by the Relative Strength Index (RSI). There are two indicator feature lines in the RSI chart and these include the RSI line (purple) and the RSI-Based MA line (yellow). 
In the RSI chart, an indication of rising momentum and a bullish cross is produced whenever the RSI line crosses above the RSI-based MA line; as seen in the XRP weekly chart posted by Crypto Insight on X. 
XRP experienced the cross for the first time in the first week of July, and after this happened, the cryptocurrency experienced a great surge in price by July 13, which led to XRP’s yearly high of $0.93. However, during the correction that followed, the RSI line fell below the RSI-based MA line. 
According to crypto insight, the line is once again attempting 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, while the RSI-based MA line was sitting at 51.01 presenting a bullish sign. 
The crypto analyst further shed more light on the timing for these potential developments. Crypto Insight speculated that XRP might be touching a resistance level as of the time of his disclosure, and the resistance level could be a vital point for XRP <a href="https://bitcoinist.com/bitcoin-adopter-says-xrp-price-closer-to-10/" rel="nofollow">price movement.</a> 
<img decoding="async" loading="lazy" src="https://www.tradingview.com/x/vnBMhk6l/" alt="XRP XRPUSDT" width="2301" height="1546"> 
He also added that a bullish cross for the RSI could buttress both bulls and punters to engage in the market and stake their bets. Notably, this surge in trading activity could provide XRP with <a href="https://www.newsbtc.com/analysis/xrp/xrp-price-prediction-bounce/">the force it needs</a> to swiftly break out into the target range. 
Related Reading: <a href="https://www.newsbtc.com/analysis/xrp/xrp-price-blast-off-18-days-here-is-why/">XRP Price Could Blast Off In 18 Days, Here’s Why</a> 
So far, the target range that was set up by the crypto analyst in his chart was between $0.8875 to $1.3617. He believes that XRP could hit this price range in the next 16 days since the rally in July, saw the XRP price almost claiming the $1 mark, but failed due to the significant resistance it faced. 
The crypto analyst also pointed out the <a href="https://www.newsbtc.com/analysis/xrp/where-is-xrp-price-heading-perp-open-interest-doubles/">XRP’s open interest</a> in his projections. He highlighted that open interest has room to rise significantly, and it seems to be developing higher highs. 
Open Interest is the overall number of pending futures contracts for a particular cryptocurrency. Therefore, an increase in open interest can indicate growing market participation and keenness among investors, and it can also lead to increased liquidity and potentially trigger a <a href="https://www.newsbtc.com/analysis/xrp/xrp-price-prediction-bulls-rally-0-585/">price rally</a> for a cryptocurrency.

RSI Records Major Golden Cross: XRP Predicted To Cross The $1 Mark In 16 Days

目录

NewsBTC

发布于 2023年10月30日的其他文章

Chainlink Price Stagnates as Bulls Struggle for Momentum

Bitcoin Rally Surpasses Tesla’s Market Cap

Spider-Man 2 Stealth Guide: Mastering the Art of Web-Zipping for Seamless Takedowns

Discovering Bitcoin’s Ordinals with Great Potential

Elon Musk 'Approves' DOGE Creator's Plan to Increase His X Earnings

Flare launches public staking service for FLR token

订阅我们免费的电子期刊，获取每日最新加密领域动态！