Crypto analyst Crypto Insight recently predicted that the price of XRP could be preparing to push past the $1 mark in just 16 days as XRP’s Relative Strength Index (RSI) and open interest continue to gain momentum, indicating a bullish trend.
XRP weekly relative strength index
The crypto analyst will speak on Sunday, October 29 shared his predictions on
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This is because the momentum of an asset’s price movement is measured by the Relative Strength Index (RSI). There are two indicator lines in the RSI chart, including the RSI line (purple) and the RSI-based MA line (yellow).
The RSI chart shows an indication of rising momentum and a bullish cross when the RSI line crosses the RSI-based MA line; as seen in the weekly XRP chart posted by Crypto Insight on X.
XRP first experienced the cross in the first week of July, and after this happened, the cryptocurrency experienced a major price surge on July 13, leading to XRP’s yearly high of $0.93. However, during the subsequent correction, the RSI line fell below the RSI-based MA line.
According to crypto insight, the line is attempting to re-cross above the RSI-based MA line from the moment of its discovery, and the crossing has been achieved. At the time of its unveiling, the RSI line was at 53.91, while the RSI-based MA line was at 51.01 and showing a bullish sign.
The crypto analyst further shed more light on the timing for these potential developments. Crypto Insight speculated that XRP could reach a resistance level at the time of its unveiling, and that the resistance level could be a key point for XRP price movement.
He also added that a bullish cross for the RSI could support both bulls and bettors to participate in the market and place their bets. This increase in trading activity could lead to a particular increase XRP with the power it needs to quickly break out into the target range.
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So far, the target range set by the crypto analyst in his chart has been between $0.8875 and $1.3617. He believes that XRP could reach this price range in the next 16 days since the rally in July where the
The crypto analyst also pointed out the The open interest of XRP in his projections. He emphasized that open interest has room to rise significantly and appears to be developing higher highs.
Open Interest is the total number of current futures contracts for a given cryptocurrency. Therefore, an increase in open interest may indicate growing market participation and willingness among investors, and may also lead to greater liquidity and potentially lead to a price rally for a cryptocurrency.
Featured image of AltcoinsBox, chart by Tradingview.com
