XRP May Outperform Crypto Market to Hit $258 Amid MACD Flip and RSI Divergence
The post XRP May Outperform Crypto Market to Hit $258 Amid MACD Flip and RSI Divergence appeared on BitcoinEthereumNews.com.
XRP shows potential for a rally as MACD flips and RSI divergence points to outperformance against the broader crypto market. XRP has exhibited significant technical patterns that suggest potential outperformance against the broader cryptocurrency market. An analysis by Blockchain Backer, a prominent YouTuber, highlights a massive weekly bearish divergence for the broader crypto market against XRP at critical resistance levels. This technical setup has previously led to XRP outperforming in 2017 and 2021, hinting at a similar trajectory this time. After reaching historical extremes, a massive weekly bearish divergence showed up for TOTAL vs XRPUSD right at resistance. MACD hit the historical extreme, and flipped aggressively. When these events occurred in 2017 and 2021, XRP outperformed. And it seems to be in motion. https://t.co/1m4tIZ3k31 pic.twitter.com/7eJYT7UbPV — Blockchain Backer (@BCBacker) July 16, 2024 Resistance and Divergence Indicators The analyst’s chart reveals that the broader crypto market has reached a critical resistance level against XRP, indicated by the black horizontal line. Historically, this resistance level has marked points where price movements face significant challenges. The Relative Strength Index (RSI) demonstrates a massive weekly bearish divergence for the broader market against XRP. This divergence occurs when the market makes new highs, but the RSI forms lower highs, signaling weakening momentum. Such divergences often precede significant price corrections or trend reversals. MACD and Historical Patterns The Moving Average Convergence Divergence (MACD) has reached a historical extreme and flipped aggressively, as seen in the lower chart. This flip from bullish to bearish indicates a potential trend change for the broader market relative to XRP. Historical patterns from 2017 and 2021, marked by green rectangles on the chart, show similar technical setups. In both instances, XRP experienced substantial price increases following these patterns. This historical context suggests that XRP might be poised for another period of…
Filed under: News - @ July 17, 2024 8:24 pm