Crypto Analyst’s View on XRP Price
Recently, Cryptonary shared his predictions about the price of XRP, suggesting a potential pullback for the cryptocurrency. He took to social media to elaborate on his forecast, noting that the recent price decline from its peak of $0.73 was due to rejection at the $0.70 resistance level.
Currently, XRP is priced at $0.69, with major support between $0.62 and $0.64. Cryptonary believes there might be a meaningful pullback within these ranges despite the unhealthy support levels.
XRP’s Relative Strength Index (RSI) and Open Interest
Cryptonary also highlighted XRP’s RSI, pointing out that it contributed to the price rejection along with the token’s overbought RSI on daily and 3D charts. He also emphasized the huge open interest in XRP, indicating a risk of a flush-out due to overly long positions paying a premium to short positions.
XRP 1M Japanese Candlestick Resurfaces
Tony The Bull, another crypto analyst, shared insights about XRP’s rare candlestick formation known as the 1M Japanese Candlestick which occurred in 2017. This formation previously led to a 900% increase in XRP’s price, suggesting that if history repeats itself, the token could reach $6.
Hot Take: What Does This Mean for XRP?
The predictions made by Cryptonary and other analysts indicate uncertainty in XRP’s price movement. While some see potential for a pullback and positive historical patterns, others warn about overbought conditions and excessive open interest. As an investor or trader, it’s important to consider all factors before making decisions regarding XRP.
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