The monthly XRP RSI is on the cusp of breaking above a seven-year downtrend, with analysts expecting a massive spike to follow.
The cryptocurrency market has entered a decisive phase as prices stabilized after a slight increase, mitigating the effects of the recent drop. More specifically, following its rebound attempt, XRP has remained stable between $0.58 and $0.63 this week.
Analysts are still optimistic despite the current consolidation, which indicates a hurdle.
XRP RSI Ready For Breakout
Harry, a cryptocurrency chartist and analyst, alerted us to this anticipated move on X. In the monthly XRP/USD chart, Harry showed that the XRP RSI has been trading below a declining trendline since late 2017. For background, the RSI originally rose to 94.57 in December 2017, while the XRP rose to $3.3 in January 2018.
As the price fell from its all-time high, the XRP RSI experienced a similar decline on a monthly basis. Since then, the RSI has been moving under a downtrend that began with the 94.57 top in 2017. Data suggests this downturn may be coming to an end.
Harry’s chart reflects a similarly positive trend on the monthly chart regarding the Bitcoin halving. Data reveals that XRP’s price usually experiences a significant rise months after each Bitcoin halving.
After the halving in April 2020, the pattern repeated itself, with XRP’s price rising to $1.96 a year later. With Bitcoin’s current halving taking effect in April 2024, XRP has plenty of room for growth.
Other Signs of an Uptrend on the Way
Market expert highlighted an upcoming bullish breakout in the monthly Charting Guy. He confirmed that, amid the RSI downturn, the XRP price is also trending inside a seven-year symmetrical triangle. Thus, a price breakout from the symmetrical triangle might occur alongside a breakdown of the XRP RSI.
In addition, Charting Guy demonstrated that XRP usually has a price increase after the third bullish RSI crossover. This bullish crossover occurs when the RSI line (purple) crosses above the Signal line (yellow). XRP has already had two crossovers, and the third is almost about to happen.
These several indications all lead to an imminent XRP surge, but the timeframe is undetermined. According to Charting Guy, this rise might occur within a few months. Notably, XRP is currently trading at $0.5993, up 26% this month.
