One Analyst Calls XRP Extremely Oversold, Another Plans to Short It
The weekly RSI levels for XRP have declined to their most oversold territory since at least 2022, said popular market commentator EGRAG CRYPTO, adding that this might be a proper entry zone.
While their chart reviews the broader XRP picture, another analyst weighed in on the asset’s daily gains today, noting that he wants to short it only after it reaches a certain level.
Most Oversold in History?
Known for his detailed and mostly bullish analysis on several large cryptocurrencies, but with the main focus on XRP, EGRAR’s latest chart on the cross-border token indicated that the asset is “entering the most oversold region” in its history right now.
They explained that when XRP has plunged to such RSI levels, it has historically bottomed, as was the case in 2014, 2015, 2018, 2020, and 2022. This means that the token has not seen such oversold numbers in four years.
However, EGRAR disclosed that although XRP has indeed reached a macro bottom at similar levels, it does not mean that “the exact bottom prints immediately,” but it’s entering its final phase, which looks like this:
- Final liquidity sweep
- Sideways accumulation
- Gradual reversal
XRP Weekly RSI. Source: EGRAG Crypto on X
Or, Maybe Short XRP?
While EGRAG’s analysis focuses on XRP’s macro picture, Crypto Tony weighed in on the asset’s most recent price performance and whether he sees a potential for a trend reversal in the short-term. The token dumped to $1.21 last week, rebounded to $1.55, where it was rejected, and has remained within a tighter range between $1.34 and $1.48 since then.
It jumped to $1.42 earlier today, and Crypto Tony saw an upcoming opportunity to short the upper boundary of this range at $1.47-$1.48. However, XRP was rejected for now and remains around $1.40 as of press time, which is a level that the bulls “need to flip into support,” and they haven’t done it decisively yet.
The post One Analyst Calls XRP Extremely Oversold, Another Plans to Short It appeared first on CryptoPotato.
You May Also Like
CEO Sandeep Nailwal Shared Highlights About RWA on Polygon
USD/CAD Consolidation Holds with Firm Support – Scotiabank’s Crucial Analysis
