Analyst: XRP Price Could Go Parabolic Soon
A cryptocurrency analyst has suggested that the price of XRP, the native token of the XRP Ledger, could soon go “parabolic,” as historical data shows it could soon move up between 1,000% and 1,485%. The analyst, Cryptoinsightuk, shared on Twitter that after XRP enters the overbought area on the RSI (relative strength index), it “moves between 1,000%-1485% (within 3 weeks).”
XRP’s Market Performance
Even though XRP is outperforming other top cryptocurrencies and briefly became the fourth largest cryptocurrency by market capitalization, it isn’t yet in overbought territory. Its market capitalization has fallen as the cryptocurrency is trading at $0.687 with a $36.8 billion market capitalization, making it now the fifth largest below BNB’s $37.6 billion.
Predictions for XRP’s Future
Cryptoinsightuk predicts that XRP could enter overbought territory at around $0.90 or $1 per token, and if it reaches that level, history repeating itself would mean XRP would surge to $10 to $14 a token within 4-5 weeks.
The Relative Strength Index (RSI)
The RSI is a momentum indicator used in technical analysis to measure the magnitude of recent price changes. It evaluates overbought or oversold conditions in an asset. A reading above 70 indicates an asset is starting to become overbought or overvalued while values below 30 indicate an asset is becoming oversold or undervalued.
XRP’s Historical Data for November
Historical data suggests XRP could soar by an estimated 77% during November based on its previous performances during this month. Over the past five years, November has predominantly been unprofitable for XRP except for in 2020 when it saw a significant gain of 178.3%. This suggests that the value of XRP could soon surge based on its long-term historical data for November or dip following last five years’ pattern.
Hot Take: Should You Invest in XRP?
If you are considering investing in XRP based on historical data and predictions from analysts like Cryptoinsightuk, you may want to consider monitoring its performance closely and making informed decisions based on your risk tolerance and investment goals.
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