Popular cryptocurrency analyst Charting Guy made a bold call regarding the future of Ripple’s XRP and the imminent breakout. In a recent X post, the analyst suggested that the one-month Relative Strength Index (RSI) for XRP is about to cross the level of 6. This is a 5-year downtrend which is giving a signal of a bullish cross over.
Charting Guy analysis is quite pertinent as XRP has been trading inside a symmetrical triangle for the same period. Usually, it takes a long time to build such a consolidation pattern that is why this information strengthens the idea of the proper timing for the RSI breakout.
XRP RSI Breakthrough Imminent
The analyst said that the one-month RSI of XRP is about to breach the 6. In this case, the 5-year trends show a bearish cross that could possibly reverse to a bullish one. Despite the price being sandwiched within a symmetrical triangle for all the period described above, he retains a positive view of the Ripple token. The analyst thought that XRP could be one of the biggest opportunities in the given market cycle.
The symmetrical triangle is one of the most popular patterns used in the analysis of charts and implies that the price is in the process of forming a strong impulse. This pattern is created when two lines which are uptrend converge, and they are drawn through a series of consecutive peaks and troughs. A breach from this kind of pattern results in a large range movement in the direction of the breakout.
The crypto community has paid attention to Charting Guy’s analysis, many investors and traders are watching the price of coin and the RSI carefully. If the predicted bullish cross occurs it will mark the end of a long term bearish trend and the beginning of a new bullish trend in Ripple coin.
As the crypto market keeps on developing, XRP keeps on being of interest to analysts and traders. This possible RSI breakout and price action could strengthen XRP as the most promising cryptocurrency enhancing the possibility of it being a profitable investment in this market cycle.
