While XRP continues to trade near the $2 mark, a crypto analyst has suggested that the altcoin may have reached its bottom with a potential price surge ahead.
Analyst Steph shared this perspective in a post on X. He revealed a chart highlighting a historical pattern where XRP’s price rebounded following key RSI movements.
Key Observations in the Chart
The chart indicates that XRP’s relative strength index (RSI) had been in a downtrend for the past two months. During this time, it formed a falling wedge pattern. However, data confirms it has now broken out of the downward trend, signaling potential strength.
Notably, this latest move aligns with past bullish reversals. In particular, each time the RSI reached oversold levels and reversed, XRP’s price pumped hard. Previous instances, marked by green circles on the chart, show how similar conditions led to strong breakouts. A key example was in November 2024 when XRP saw a nearly 6X price surge.
“XRP Bottom Is In”
Now, with the latest observation of XRP’s RSI breaking out of a descending trendline, Steph boldly stated that XRP has reached its bottom in the ongoing crypto market downturn. His statement suggests that XRP may not fall below the low of $1.90, which it witnessed on March 11.
“XRP bottom is in. Send it higher,” he wrote, suggesting that XRP may be gearing up for a major rally.
Notably, XRP has recovered slightly from the $1.90 bottom, trading new $2.50 a few days later. However, it has been struggling to maintain this uptrend. At press time, XRP has posted a 2.5% dip today, trading at $2.29.
How High Could XRP Go When Bulls Are Back?
Meanwhile, this is not the first time Steph has called attention to XRP potentially reaching a bottom. In an earlier analysis, he pointed to the Stochastic RSI showing an oversold condition for XRP and suggested a bold double-digit price target as the next goal.
According to him, whenever the Stochastic RSI dipped into oversold territory and flipped bullish, it marked the exact bottom for XRP.
Based on historical patterns, he argues that XRP could see a 500% rally once again, reaching as high as $13 to $14. He acknowledges that this projection is speculative. Yet, Steph emphasizes that if history repeats itself, XRP could pump hard in a very short time.
Remarkably, Steph has even called for a $30 price for XRP in a separate analysis.
DisClamier: 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 opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
