XRP has not been able to rise to the anticipated levels since the peak observed in July 2023, and this situation has been interpreted as a downward trend. On the other hand, a technical analysis by an analyst seems to indicate a breakout and potential rise for XRP.
Analyst’s XRP Price Prediction
In particular, a bullish divergence related to the Relative Strength Index (RSI) on XRP’s weekly chart appears to have been uncovered by CoinsKid. The well-known analyst published this review on February 27th on platform X.
According to the analyst, there is a possibility that the price of XRP could optimistically rise to $1.30, and more importantly, he had mentioned that he took a long position in XRP a few weeks prior. Looking at the analysis, if XRP, currently trading at $0.56, were to reach the target, it could potentially experience a 135% increase.
XRP Price Outlook
On the other hand, XRP has been struggling to break the downtrend since reaching the level of $0.927 in July 2023. More importantly, the support indicating the uptrend seen since January 2023 has been broken, which has not gone unnoticed.
At this point, XRP is trying to stay within the triangle formation that marks the center of both trends and is attempting to maintain its position above the strong resistance at $0.56.
So far, the price seems to have consolidated somewhat since the last break, but without the formation of daily candles above resistance, it would not be logical to make a negative comment on the possibility of a decline.
If the price can sustain above the resistance at $0.56, the bullish price divergence highlighted by CoinsKid could potentially occur.
If a similar event were to happen, the current situation seen in other cryptocurrencies could potentially take XRP to a different point. The weekly RSI must maintain its presence in the region around 68 and above the current 50 to confirm a definitive breakout.
Looking at CoinsKid, the current situation of XRP and the market continues to turn in favor of investors wanting to take long positions. While all this is happening, a noticeable rise in XRP’s price occurred, and after a long period, the price returned above the $0.56 level.
