One of the popular market analysts in the crypto community has maintained a long-term bullish outlook on XRP in the face of potential capitulations.
Despite the growing number of positive news making waves in the XRP ecosystem, market analyst JD chooses to focus on the big picture irrespective of the price surge such positive news can fuel in the short term.
XRP Outlook
As contained in the chart shared by the analyst, XRP’s weekly chart is ‘still creating “Hidden Bullish Divergence” on RSI/SRSI.’ As shown, XRP has already broken away from the base of a symmetrical triangle. With this trend, Jaydee sees more bullish projections, as shown by an arrow pointing to a price beyond the $7 mark.
Per the chart, the weekly Stock RSI is flashing a reading of 7.58 to 7.66. Typically, when the Stock RSI is below 20, it suggests the coin in question is in an oversold position. At the upper range of 7.66, XRP investors have the confirmation to take a new position in the asset.
The analysis from Jaydee is in two parts, as he also pointed out a series of capitulation points XRP has printed since 2015. Based on the capitulation points and the chart’s uptrend, the analyst said that from his experience, investors who go long on XRP earn much more than short-term traders overall.
Visible XRP Bull Thesis
XRP is currently down by $0.4788 after losing 1.90% of its value, with market capitalization down 1.79% to $25.59 billion. Despite this gloomy outlook, however, XRP has maintained a daily positive trading volume of $792 million atop a 1.83% surge.
Besides some apparent concerns about the growing selloff of XRP by Ripple, there is a confluence of positive fundamentals that can help stir the growth of the coin. These factors include the high whale activity around the coin and the positive trends favoring Ripple in its legal battle with the SEC.
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