Hi all. I hope you are all fine and in good health.
Today I would like to put you through XRP and XRP/ETH pair analysis along with their RSI Indicators. As we have discussed, XRP, except for the monthly indicators, is on the dip.
When we check the XRP/ETH pair and XRP/BTC pair, we observe that the XRP has flipped the ETH dominance on weekly charts by breaking out the first Resistance! XRP has another resistance in this pair to break and continue appreciating Ethereum. Let's check the latest weekly XRP/ETH pair now.
XRP has broken the initial Resistance on Weekly Chart in XRP/ETH Pair
The more extended orange bar represents Ethereum's dominance over XRP since 2019. Last week, XRP had tried the 1st Resistance (short orange resistance), broke it by closing above the resistance, and continued its move this week.
This is interpreted as XRP will appreciate Ethereum in the upcoming weeks.
XRP/ETH Pair RSI Indicator
As we check the support and Resistance for this pair, it is evident that XRP has higher lows and has broken the previous resistance trend. This substantiates the appreciation of XRP over ETH.
XRP Weekly Price Chart
For the XRP reversal, what do we need? We can understand the bullish bounce even by checking last week's candle close. The bullish pin bar indicates a reversal in the price charts apart from its colour being red or green.
Having a bullish pin in the pocket, XRP RSI is at the lowest since 2013! What are the odds of XRP going lower? Remember, we expected the price of $0.22 as the 2nd wave target in February 2022. However, $0.30 is the current support, and the indicators are constructing favourable structures.
XRP Weekly RSI Update
Here we see the weekly RSI status. XRP touched the lowest weekly RSI figures in 2016 and 2020. The current status is the lowest of all time.
XRP keeps her positive pace on the weekly and daily charts. XRP/ETH pair and XRP/BTC pairs as well as their RSI indicators support this appearance. Although monthly indications still don't have the reversal indications, I will keep my bullish expectation for the upcoming 3 weeks over XRP.
As always, Important Note: None of the targets represented here is financial advice. Do your research in due diligence and take responsibility for your actions when buying or selling an instrument.