The current setup in the XRP/BTC chart depicts the likelihood of a parabolic run on the horizon.
Several crypto market analysts actively track XRP’s growth trends on the premise that a breakout is imminent. Market watcher Dark Defender shared the key observation on X, noting that the XRP/BTC weekly chart has displayed a similar reading in the Relative Strength Index (RSI) as it did in the 2017 and 2021 bull seasons.
RSI for the #XRP/#BTC pair in the weekly time frame stands in the same place as it did before the 2017 & 2021 XRP Bull Runs.
RSI tells us, the 2024 Run is here. pic.twitter.com/M9dSKncSfN
— Dark Defender (@DefendDark) February 19, 2024
Should the setup be a trusted indicator, this correlation implies that the price of the digital currency may be primed for another massive surge.
XRP Forms Intriguing Rally Show
According to the chart shared by Dark Defender, the XRP/BTC RSI is bleeping “oversold” just as it did in the 2017 and 2021 cycles when the price of XRP soared to $3.3 and $1.9, respectively.
With XRP being oversold, the next natural path for the cryptocurrency is accumulation, which will eventually lead to price growth. The current bullish potential in the price of XRP was also highlighted by market analyst CrediBULL Crypto.
Acknowledging that XRP is the crypto with the biggest love-hate relationship in the market, CrediBULL Crypto noted that the coin has seen enough slump to catch his interest. He promised to share more insights on what the future holds for the cryptocurrency.
In my last video update on $XRP I said I was not interested in it until the XRP/BTC pairing moved to my downside target some 30+% lower.
Well, we are finally there and at a place where I am now interested/paying attention to it.
Will share more tomorrow but I think it's time to… pic.twitter.com/DEwDWwvS2l
— CrediBULL Crypto (@CredibleCrypto) February 19, 2024
XRP Attention Multifaceted
One of the crucial advancements that many look forward to in the XRP ecosystem is the launch of a spot XRP ETF. The clamor for this product is high, with false speculations once linked to BlackRock emerging last year.
With the approval of spot Bitcoin ETF, experts have recanted the likelihood of landing an XRP alternative in the long run.