Summary
- Cointelegraph reported that XRP is holding a key support level despite a long-term downtrend, fueling expectations for a rebound.
- The outlet said the RSI has entered oversold territory, mirroring past reversal zones that led to gains of 60%% to 300%%, while the MVRV ratio is hovering near zero, suggesting the current market price is close to the average purchase price.
- Trader ChiefraT identified the $1.25 to $1.30 range as a key support level, saying XRP could see a short-term rebound to $1.45 if that support holds, though a break below it could bring downward pressure.
Forecast Trend Report by Period
XRP is holding a key support level despite a prolonged downtrend, raising the possibility of a rebound if that floor remains intact.
Cointelegraph reported on April 11 that XRP has remained in a downtrend for the past eight months, while its relative strength index, or RSI, has entered oversold territory in a pattern resembling past reversal points. On previous occasions when the RSI fell to similar oversold levels, XRP went on to rise 60% to 300%, the report said.
On-chain indicators have also shown a positive signal. Cointelegraph reported that XRP’s market value to realized value ratio, or MVRV, is hovering near zero, indicating the current market price is close to investors’ average purchase price.
In the near term, the $1.25 to $1.30 range is viewed as the key support zone. Trader ChiefraT said XRP could stage a short-term rebound to $1.45 if that support holds. A break below the range could increase downward pressure.
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.
