- Based on its weekly chart analysis, XRP sees a potential rise above $0.70.
- Despite a 1.73% gain in 24 hours, XRP risks a drop below $0.5915.
- MACD and RSI indicators indicate a bearish short-term outlook for XRP.
A recent insight shared by prominent crypto analyst EGRAG CRYPTO has sent ripples through the trading community, highlighting a potential bullish trajectory for XRP on its weekly chart.
According to the analyst’s assessment, XRP appears poised for an upward surge, potentially surpassing the $0.70 mark. The weekly chart depicts a promising picture, suggesting that despite its current support level resting at approximately $0.6119, the altcoin may soon experience a significant upswing.
However, amidst this optimistic outlook lies a cautious undertone. Despite a modest 1.73% gain observed within the last 24 hours, XRP is treading on delicate ground. Analysts and traders are closely monitoring a critical threshold at $0.5915, fearing a potential downward slide should this level be breached.
The cautionary stance gains further credence from technical indicators. Both the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) indicators paint a short-term bearish outlook for XRP.
The MACD line, in particular, appears to be diverging significantly below the MACD Signal line, indicating a strengthening bearish trend. Simultaneously, the RSI line’s position below the RSI Simple Moving Average (SMA) line adds weight to the notion of bears holding sway over bulls in the immediate future.
The next 48 hours are pivotal, as a breakout from the current bearish pattern could potentially alter the trajectory, potentially paving the way for XRP to challenge the $0.6385 resistance level and establish it as a new support.
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