XRP may be on a trajectory to break above the $1 price threshold, as forecasted by market analyst Crypto Insight, who identified a golden cross on the weekly RSI.
Crypto Insight hinted at this bullish forecast in a recent post on X, suggesting that XRP may be gearing up for a significant upward movement. With a reference to the Relative Strength Index (RSI) and open interest, the analyst outlined a case for a potential price surge.
On the weekly time frame, Crypto Insight noted that XRP could be preparing to take off, and the key indicator driving this optimism is the weekly RSI. According to the analyst, the weekly RSI is on the verge of crossing into bullish territory.
The Weekly RSI
The RSI gauges the momentum of an asset’s price movement. The indicator features two lines: the RSI line (purple) and the RSI-Based MA line (yellow). When the RSI line crosses above the RSI-based MA line, it indicates a bullish cross and is a sign of upward momentum.
The last time this cross occurred on the weekly timeframe was in the first week of July. Shortly after the cross, XRP recorded a meteoric rise on July 13 to hit the yearly high of $0.93. Amid the correction that followed, the RSI line dropped below the RSI-based MA line.
At the time of his disclosure, Crypto Insight pointed out that the RSI line is again looking to cross above the RSI-based MA line. This cross has materialized as of press time. Notably, the RSI line now sits at 53.91 while the RSI-based MA line is currently pegged at 51.01, confirming the bullish sign.
XRP Open Interest
The open interest in XRP futures is another factor that Crypto Insight highlighted. Open interest refers to the total number of outstanding futures contracts for a particular cryptocurrency.
The analyst pointed out that open interest has room to spike significantly, and it appears to be forming higher highs. Notably, rising open interest can indicate growing market participation and enthusiasm among traders. A surge in open interest can also lead to increased liquidity and potentially fuel a price rally.
Crypto Insight highlighted the timing of these potential developments. The analyst suggested that XRP might be touching a resistance level at the moment. This resistance level could be a critical juncture for XRP’s price action.
He stressed that a bullish cross for the RSI could inspire both bulls and punters to enter the market and place their bets. This influx of trading activity could provide the necessary momentum for XRP to break out quickly into the target range.
XRP Price Target
Crypto Insight set up a target range for XRP, as detailed in his accompanying chart. The analyst’s target ranges from $0.8875 to $1.3617.
The last time XRP dominated this range was from April 2021 to March 2022. The asset tried to reclaim the $1 price in the July rally, but it faced significant resistance. Crypto Insight believes XRP could hit this price target in the next 16 days.
Meanwhile, in the short term, XRP has defended the $0.55 psychological support threshold, changing hands at $0.55285 as of press time. Hitting the $1.3617 price would require a 146% increase from XRP’s current price.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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