The crypto trader and analyst EGRAG CRYPTO tweeted an update for his RSI analysis on XRP yesterday. In the post, he mentioned that the RSI had dipped below 50, which he had predicted in a tweet made on 5 May 2023. As a result, the trader is now waiting for the RSI to dip into the 42 range.
EGRAG CRYPTO did, however, warn that the RSI may not form a straight line with its dip into the 42 range. Nevertheless, he added that XRP’s price movement will be bigger and better the closer this indicator gets to the 42 range.
At press time, CoinMarketCap indicated that the remittance token’s price stood at $0.4262 following a 0.37% drop over the past 24 hours. This recent price movement also pushed the altcoin’s weekly performance further into the red at -6.99%.
The crypto was also outperformed by the market leaders Bitcoin (BTC) and Ethereum (ETH) during this period. At press time, XRP was down 0.58% against BTC and 0.34% against ETH.
Daily chart for XRP/USDT (Source: TradingView)
XRP’s price was hovering above the key support level at $0.4128 after it lost the support of the previous level at $0.45 on 7 May 2023. In addition, the 9-day and 20-day EMA lines were acting as resistance – adding some bearish pressure on the altcoin’s price.
Should XRP lose the support of the $0.4128 level, it will continue to drop to the next support at around $0.3849 in the following days. On the other hand, a close above the 9-day EMA line in the next 48 hours will most likely lead to XRP’s price attempting to reclaim a position back above $0.45.
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Source: Cryptocurrency - investing.com
