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XRPhas been described as a ‘dead cryptocurrency’ by critics due to its lack of significant price movement compared to major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) for many years. However, recent price movements and technical indicators indicate that this view is premature. -
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An analysis shared by TradingShot on TradingView on June 25 suggested that there are strong signs that XRP could have a potential upward move. The analyst highlighted that XRP has been trading below the weekly moving average (1W MA200) since April 8, 2023, but is currently testing the bottom of the long-term triangle structure formed after the all-time high in January 2018. -
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This triangle pattern resembles a previous triangle that started after the peak in December 2013 and culminated in a large price increase in March 2017. This historical parallel suggests there may be similar bullish potential in the current market. The analyst noted that the weekly Relative Strength Index (RSI) is currently at 40, and this level has historically been associated with long-term buying opportunities. When RSI levels are low, it generally indicates that an asset is undervalued and has a high chance of a recovery. -
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If XRP breaks above the 1W MA200, the probability of starting a parabolic rally towards the top of the cycle increases significantly. Otherwise, failure to break this resistance could mean that XRP will need a new narrative to attract investors. XRP shows a consolidation triangle pattern, forming a series of lower highs and higher lows. -
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These moving averages have become important resistance levels and breaking above them would be an extremely bullish indicator. Higher lows of the trend line also provide strong support, creating a basis for potential upside. The RSI shows a cyclical pattern where historical declines lead to significant price increases.
