🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

XRP Will Outperform ETH in the Coming Weeks: Crypto Analyst

Published 06/11/2023, 09:06
Updated 06/11/2023, 09:15
©  Reuters XRP Will Outperform ETH in the Coming Weeks: Crypto Analyst
XRP/USD
-

Coin Edition -

  • Crypto analyst Cryptoinsightuk predicted XRP may experience a surge in “T-9 days.”
  • The monthly time frame highlights that a parabolic curve could be forming in both the price action and RSI for XRP/ETH.
  • At the reported time, XRP has already crossed the $0.67 resistance level as it continues to hug the upper band of the Bollinger Bands.

Hinting at a possible bull run, a crypto analyst under the pseudonym ‘Cryptoinsightuk’, informed the crypto community on X that XRP may experience a surge in “T-9 days.” The analyst pointed out that XRP is creating a series of higher lows and higher highs in a weekly time frame.

Additionally, the crypto analyst mentioned that the RSI has made a bullish cross and gone above the 50 level. With these analyses, Cryptoinsightuk claimed, “This suggests to me, $XRP will outperform $ETH in the coming weeks.”

The monthly time frame highlights that a parabolic curve could be forming in both the price action and RSI for XRP/ETH. This could be considered a positive sign, as the traders may be expecting the altcoin to climb up soon over the coming months.

Based on the analysis, it seems that in the long run, XRP could be experiencing a surge in the future. However, the 1-day chart of XRP/USDT already points out that the altcoin is experiencing an overbought surge as the RSI reaches the overbought region.

XRP/USDT 1-Day Chart (Source: TradingView)

The RSI, currently valued at 84.69, reached the overbought region when it made a bullish crossover and broke above the 70-level barrier. Looking at the trajectory of RSI, it is expected that XRP could continue to climb up. Ideally, traders may expect a fall or retracement when the RSI reaches the overbought region.

However, should the crypto analyst’s hypothesis be validated, XRP could surge continuously upwards while the RSI continues to remain in the overbought region. At the reported time, XRP has already crossed the $0.67 resistance level as it continues to hug the upper band of the Bollinger Bands.

The post XRP Will Outperform ETH in the Coming Weeks: Crypto Analyst appeared first on Coin Edition.

Read more on Coin Edition

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers
© 2007-2024 - Fusion Media Limited. All Rights Reserved.