XRP is currently at an extremely important juncture. Its price is slowly trending in a broadening formation, and it’s currently waiting on a more clear directional indicator. The XRP network appears to be caught between the past, with stainless steel parabolic rally precedents and today’s regulatory and market reality. Aqua = Primarily Bullish for Mixed Outlook Technical Indicators Only the next few months will determine whether history repeats itself or whether outside pressures push us in a different direction.
As of this writing, the XRP token is trading at $2.0133. Now it’s going back and forth, running into significant resistance at $2.09/$2.10, but holding up support around $1.95 and $1.75. The third-largest XRP token is still reeling from the loss of momentum. It is worth noting that the widely followed MACD indicator recently flashed a “Death Cross,” which often indicates a shift to bearish momentum.
Egrag’s analysis makes a case that the XRP token can follow suit, aiming as high as $19 to $45 based on previous bull cycles. Egrag’s bullish targets evoke optimism, as his analysis hinges on recurring cycles where the XRP token endured extended downtrends before parabolic rallies.
The Relative Strength Index (RSI), a popular momentum oscillator, brings even more to the table on that front. The current RSI is 45.13, a neutral zone, neither overbought or oversold. The RSI has produced two consecutive overbought signals, with price declines immediately after, indicating selling pressure.
Critics note that historical performance doesn’t guarantee future results, especially amid regulatory battles like Ripple’s ongoing case with the SEC. Scepticism remains though, from Ripple’s ongoing legal battles to lack of institutional demand.
As Az reports, citing Coinfomania, the XRP network will need more than historical similarities to overcome legal obstacles and rekindle network value beyond speculative trade.
