XRP Momentum Smashes Above Six Year Long RSI Resistance Line

XRP Momentum Smashes Above Six Year Long RSI Resistance Line
фото показано с : bitcoinist.com

2023-7-20 02:09

XRP rocketed higher by nearly 100% last week, and is up 8% on the day today following last week’s ruling, revealing the asset is not a security.

The recent surge to the upside has pushed momentum through a six-year long resistance line, according to the quarterly Relative Strength Index. Will such a high timeframe breakout lead to further upside? Or will this rally fail to produce new highs, much like in 2020?

The Cryptocurrency Market Begins To Turn A Corner, Sharply

Sentiment across the cryptocurrency market remains bearish overall, but a glimmer of hope arrived last week when a US judge ruled that retail sales of XRP was not the sales of unregistered securities, as the US SEC had claimed.

The news immediately dispelled the negativity hanging over XRP and several other coins who were caught in the SEC’s enforcement crosshairs. These altcoins include Solana, Polygon, and others, each adding more than 20-30% in price since the landmark legal decision.

But few crypto assets rallied as hard as Ripple’s coin, which saw an almost immediate doubling in price. After some profit taking, price settled at around 75 cents per XRP. Today it’s already trading at nearly nine cents more, currently around 84 cents on the dollar.

XRP Quarterly RSI Momentum Burst Out From Downtrend Line

The massive move in XRP caused a major breakout in long term momentum, according to the quarterly Relative Strength Index. With a six-year-long downtrend resistance trend line on the RSI out of the way, it could be clear skies for the cryptocurrency.

High timeframes such as the 3-month candle provide more dominant signals, hinting at substantial strength and buying pressure. These dominant signals overpower any daily or weekly signals, for example.

The next step necessary to keep XRP rising higher unrelentingly, is to take out the 2020 and 2021 highs on the 3M RSI. A higher high on the RSI is a significant buy signal, especially when this occurs after reaching oversold conditions.

Get access to the Raging Bull technical indicator as part of a premium CoinChartist (VIP) subscription.

My custom Raging Bull indicator has lit up on the quarterly #XRP chart for the first time in over 2,000 days (~6 years)

It is based on the Relative Strength Index, which is breaking out of 3M RSI downtrend resistance pic.twitter.com/g7T9fcjPV7

— Tony “The Bull” (@tonythebullBTC) July 19, 2023

Similar to Notcoin - Blum - Airdrops In 2024

origin »

MobileBridge Momentum (CHF) на Currencies.ru

$ 84303.77 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $83342.51 - H: $85472.36
Капитализация $0 Rank 99999
Цена в час новости $ 26070.43 (223.37%)

line week xrp resistance long momentum six-year

line week → Результатов: 126


Apecoin Price Analysis & Prediction (May 22nd) – Ape Bounces $3.1 to Retest This Resistance Line, Can it Flip?

Most metaverse tokens have recently cooled off from bearish heat, including Apecoin, which is slowly taking a U-turn after dipping to a four-month low last week. The past months of losses have positioned Apecoin in a more downward spiral, bringing the price near a key psychological level of $3. Of course, it reacted to that […]

2023-5-23 09:57


Litecoin Price Analysis & Prediction (Feb 5th) – LTC Encounters Solid Resistance After Charting 30% Gains in a Month

As expected, Litecoin witnessed rejections at a key resistance line after charting several gains in the past week. It will likely provide a big opportunity for short traders below $90. Litecoin was eyeing the $100 mark level a few days ago, but the rally stopped, and it suspended the target due to the sudden price […]

2023-2-6 09:03


Kryptoin’s Spot Bitcoin ETF Is Next in Line for Rejection Before Christmas, After SEC Declines WisdomTree’s ETF

The US Securities and Exchange Commission (SEC) denied WisdomTree’s application for a spot Bitcoin exchange-traded fund (ETF) this week. “The Commission concludes that BZX has not met its burden under the Exchange Act and the Commission’s Rules of Practice to demonstrate that its proposal is consistent with the requirement that the rules of a national […] The post Kryptoin’s Spot Bitcoin ETF Is Next in Line for Rejection Before Christmas, After SEC Declines WisdomTree’s ETF first appeared on BitcoinExchangeGuide.

2021-12-3 19:58


All that Triggered Bitcoin’s Crash, But Only 15% and Is Already On Its Way Back Up

What started early last week extended into the weekend as Tesla CEO continued his uneducated strikes at Bitcoin, which has the CT seething. The good thing is, the pullback was in line with the 2017 bull market corrections, down 35% from ATH, and the market has already been calling for it, notwithstanding Elon Musk playing catch up with Bitcoin history and getting educated.

2021-5-17 15:32


DC Comics Launches Batman-Themed NFT’s; Warns Developers from Copying its Characters

According to reports arising last week, comic book publisher DC Comics is trying out the NFT marketplace, with a plan to launch their own line of unique NFTs. In a story first reported by Gizmodo, DC Comics is “exploring opportunities in the NFT marketplace” in a bid to combat freelancers and NFT developers using their […] The post DC Comics Launches Batman-Themed NFT’s; Warns Developers from Copying its Characters first appeared on BitcoinExchangeGuide.

2021-3-15 18:37


CleanSpark Acquires ATL Data Centers; Now One of the US’ Largest Publicly-Traded BTC Producer

Everyone wants to take a bite of cryptocurrencies. Every day a new big-name announces their digital asset investment. Just this week, Southeast Asia’s biggest bank, DBS Group Holdings, announced its digital exchange and insurance behemoth MassMutual purchased $100 million in Bitcoin in the long line of mainstream herd jumping on the crypto bandwagon.

2020-12-11 18:27


Фото:

Cardano (ADA) price rebounds after support break

Cardano (ADA) price is trading over 6% higher this week as the buyers attempt to stage a rebound after breaking below the multi-month supporting line.   Fundamental analysis: Developing a secure framework is key Charles Hoskinson, the founder of Cardano, said the ultimate goal of his blockchain project is to develop a secure framework that offers consumers comprehensive economic identities.

2020-9-26 11:58