Indicators for technical analysis currently suggest that the token Ripple’s native XRP may experience a breakout and increased entry. It is worth noting that Bitcoin (BTC), the largest cryptocurrency on the market, has reached new heights by breaking the US$57,000 barrier on February 27. This price level has not been seen since November 2021, indicating a significant recovery for Bitcoin and boosting the overall market, which has shown a price increase today.
A well-known trader named CoinsKid recently pointed out a bullish divergence on the weekly chart of the cryptocurrency XRP, as well as the Relative Strength Index (RSI). In a recent analysis, CoinsKid stated, “Keep an eye on the weekly RSI for XRP. We printed a bullish divergence a few weeks ago, and since then, we have entered a long position. So far, this support level has held up well. I believe that if XRP clears the red line, we could see it rise to the $1.31 area before experiencing another macro correction!”
CoinsKid’s analysis suggests that XRP may be on the verge of a parabolic rally. The renowned cryptocurrency analyst Ali Martinez has also highlighted a potential price increase for XRP in the near future. Martinez pointed out that the TD Sequential indicator has issued a buy signal on the XRP weekly chart, indicating potential bullish momentum. If XRP manages to sustain a weekly close above $0.57, it could serve as a catalyst for a push towards $0.63 or even higher, reaching $0.65.
As of the time of publication, the price of XRP was quoted at US$0.5636, showing a 4.8% increase in the last 24 hours.
Disclaimer: The views and opinions expressed in this article, as well as those of any individuals mentioned, are for informational purposes only and should not be considered as financial, investment, or other advice. Investing or trading cryptocurrencies carries the risk of financial loss.
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