Crypto trader and analyst EGRAG CRYPTO recently tweeted an update to his Ripple (XRP) analysis, focusing particularly on the Relative Strength Index (RSI) on XRP’s chart. According to EGRAG CRYPTO, this indicator provides a clear path in relation to historical data. He questions whether XRP’s price will print a higher high in the near future, as the RSI is moving in a similar way to what it did in 2017, just before the remittance token’s price had printed a higher high back then.
At press time, XRP’s price was trading at $0.4647 after it had achieved a 24-hour gain of 0.47% according to CoinMarketCap. XRP was also up against the two crypto market leaders Bitcoin (BTC) and Ethereum (ETH) by 0.38% and 0.35% respectively.
Technical indicators on XRP’s daily chart suggest that the crypto’s price may not be printing a higher high anytime soon. At press time, the 9-day EMA line was looking to cross bearishly below the 50-day EMA line. If this cross happens in the next 24-48 hours, it could spell disaster for XRP’s price and push it down to $0.4191 as a result.
In addition to the 9-day and 50-day EMA lines, traders will also want to keep an eye on the nearest support level at $0.4470. A break below this price mark will serve as a confirmation of the bearish thesis. On the other hand, XRP’s price closing above the 50-day EMA line in the next 24-48 hours will result in it climbing to $0.4925 in the next few days.
It’s essential to understand that while EGRAG CRYPTO’s analysis provides some interesting insights into XRP’s price movements, it’s crucial for traders and investors to perform their research and due diligence. Trading on these insights is strictly at one’s risk, as there’s no guarantee that the market will move based on this information.
With the above points in mind, there is still plenty of reason to be optimistic about XRP’s long-term outlook. Ripple, the company behind the XRP token, has continued to make strides in expanding its payment platform, targeting institutions with their On-Demand Liquidity (ODL) service.
In addition, Ripple has also been actively researching and testing Central Bank Digital Currencies (CBDCs) with central banks worldwide. Most notably, the Central Bank of Bhutan recently announced that they would be using Ripple’s platforms and digital ledger technology to test their CBDC, adding to a growing list of central banks that see value in Ripple’s products.
If Ripple continues to grow its global footprint and establish partnerships with key institutions, it’s likely that the price of XRP will follow suit. Whether or not this will result in a short-term “higher high” remains to be seen, but as the payment industry continues to evolve and embrace new technologies, XRP has a solid foundation for sustained success.
It’s important to remember that the price of any asset, particularly cryptocurrencies, can fluctuate wildly based on new information or changes in investor sentiment. As such, it’s essential to closely monitor developments in the space and adjust one’s investment strategy accordingly.
In conclusion, while EGRAG CRYPTO’s analysis provides some interesting food for thought, it’s essential to take these insights with a grain of salt and conduct one’s research before making any investment decisions. The long-term outlook for XRP remains strong, but short-term price movements can be challenging to predict with certainty.
