According to the latest daily chart analysis published by Matrixport, a digital asset financial services platform, XRP ($2.58)/USDT ($1.00) has seen a significant change in its recent trend from a long-term sideways consolidation to a rapid rally.
Matrixport’s Latest Chart Analysis: RSI Indicator Shows XRP Has Upside Potential
This move has increased the complexity of market chart analysis and has attracted a lot of attention from investors. When trading XRP, the Relative Strength Index (RSI) is one of the most frequently used technical analysis tools in the market.
Historical data suggests that a rally in XRP is likely when the RSI is close to 40%, while an RSI close to 70% tends to indicate an overbought situation and a possible pullback.
The recent strong rally in XRP may still have room for further upside. Analysts believe that the Securities and Exchange Commission (SEC) may reconsider the case against Ripple Labs once the new US government takes office, a potentially positive factor that could influence market sentiment.
Currently, XRP’s RSI is around 40 percent and from a technical perspective, it still has upside potential.
Investors need to closely monitor the market and new developments at the regulatory level to see if XRP will continue its current uptrend.
*This is not investment advice.
Continue Reading: Ripple (XRP) Analysis from Matrixport: ‘There is a Signal of Exit from Long-Term Horizontal Consolidation!’ Here are the Details
