CMT-Certified Analyst Says The XRP Price Rally Still Has A Long Way To Go

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As a seasoned analyst with over a decade of experience in both traditional and digital markets, I find the recent XRP price analysis by Tony Severino particularly intriguing. His use of key technical indicators such as Bollinger Bands, Relative Strength Index (RSI), Fisher Transform, LMACD, and Stochastic Oscillator aligns with my own approach to market analysis.

A certified Chartered Market Technician (CMT) analyst recently shared a chart discussing the XRP price potential for a bullish surge. Basing his projections on key technical indicators, the analyst believes that the XRP price rally still has a long way to go before it reaches overbought levels.

Technical Indicators Signal XRP Price Bullish Reversal

crypto expert Tony Severino, who is certified by CMT, expressed optimism on his old platform (previously known as Twitter) on December 18 about a possible upward surge in the price of XRP, citing a combination of historical technical indicators and narrowing Bollinger Bands (BB) as evidence suggesting an imminent price rally.

The analyst is quite optimistic about the future value of XRP, acknowledging that he may have underestimated its capacity to rise significantly. He disclosed that the XRP/BTC quarterly chart shows remarkable strength, as the three-month candlestick closed above the Bollinger Bands at 0.00001717 for the first time since April 2019.

Analyst Severino pointed out that the price of XRP reached the top limit of the Bollinger Band at approximately $0.0000286, a point often linked to strong bullish activity. If the quarterly closing value surpasses this upper band, it might signal a buying opportunity for XRP, as he noted that the current Bollinger Bands are at their tightest in the history of XRP/BTC trading.

Beyond this progression, the Three-Month chart for XRP’s Relative Strength Index (RSI) stands at 47.87, gradually approaching the 50 mark following a surge that pushed it beyond its RSI-driven moving average of 43.44. Severino highlighted that an RSI value above 50 typically suggests growing strength in cryptocurrencies, and on prior occasions, some of the most significant price fluctuations have transpired when the RSI exceeded this level.

The analyst provided additional insight, explaining that the Fisher Transform of XRP has switched to a bullish trend. This technical tool helps in detecting shifts in prices and possible reversals in cryptocurrencies. Based on Severino’s analysis, XRP’s Fisher Transform displayed a significant multi-year bullish divergence before turning positive, which suggests a strong possibility of an upward price movement and a favorable forecast for XRP.

Momentum Oscillators Indicate Extended Upside

Besides the technical signs, Severino has disclosed that momentum tools like the Logarithmic Moving Average Convergence Divergence (LMACD) and Stochastic Oscillator hint at a possible surge in XRP’s price. At present, the bearish trend of XRP’s LMACD is becoming less intense and is moving closer to a bullish intersection on the XRP/BTC graph for the first time. This significant change suggests a potential switch in direction, implying a prolonged increase in the cost of XRP.

Currently, the Stochastic Oscillator on the %K line has reached a peak of 71, suggesting a possible prolonged increase in XRP’s price. This technical tool also signals that XRP may need more time before it reaches overbought levels. At this moment, the XRP cost is being traded at $2.36, representing a 6% drop from its previous price of $2.5 over the last 24 hours, as reported by CoinMarketCap.

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2024-12-20 02:41