XRP rocketed larger by almost 100% final week, and is up 8% on the day as we speak following final week’s ruling, revealing the asset shouldn’t be a safety.
The current surge to the upside has pushed momentum via a six-year lengthy resistance line, based on the quarterly Relative Energy Index. Will such a excessive timeframe breakout result in additional upside? Or will this rally fail to provide new highs, very similar to in 2020?
The Cryptocurrency Market Begins To Flip A Nook, Sharply
Sentiment throughout the cryptocurrency market stays bearish general, however a glimmer of hope arrived final week when a US choose dominated that retail gross sales of XRP was not the gross sales of unregistered securities, because the US SEC had claimed.
The information instantly dispelled the negativity hanging over XRP and a number of other different cash who had been caught within the SEC’s enforcement crosshairs. These altcoins embrace Solana, Polygon, and others, every including greater than 20-30% in worth because the landmark authorized choice.
However few crypto property rallied as exhausting as Ripple’s coin, which noticed an virtually instant doubling in worth. After some revenue taking, worth settled at round 75 cents per XRP. Right this moment it’s already buying and selling at almost 9 cents extra, at present round 84 cents on the greenback.
The six-year 3M RSI downtrend is damaged | XRPUSD on TradingView.com
XRP Quarterly RSI Momentum Burst Out From Downtrend Line
The huge transfer in XRP prompted a significant breakout in long run momentum, based on the quarterly Relative Energy Index. With a six-year-long downtrend resistance pattern line on the RSI out of the best way, it could possibly be clear skies for the cryptocurrency.
Excessive timeframes such because the 3-month candle present extra dominant indicators, hinting at substantial power and shopping for strain. These dominant indicators overpower any day by day or weekly indicators, for instance.
The subsequent step essential to maintain XRP rising larger unrelentingly, is to take out the 2020 and 2021 highs on the 3M RSI. The next excessive on the RSI is a big purchase sign, particularly when this happens after reaching oversold situations.
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My customized Raging Bull indicator has lit up on the quarterly #XRP chart for the primary time in over 2,000 days (~6 years)
It’s based mostly on the Relative Energy Index, which is breaking out of 3M RSI downtrend resistance pic.twitter.com/g7T9fcjPV7
— Tony “The Bull” (@tonythebullBTC) July 19, 2023