- DemiGod, shared an incisive analysis of the XRP price, predicting a rally to $0.8.
- The analysis tools used include a trendline, a couple of SMAs, and the RSI.
- XRP continues to trade between $0.55 and $0.48 over the past few days.
A crypto analyst in the TradingView community, DemiGod, shared an incisive analysis of the XRP price. With a combination of indicators, the analyst predicts XRP could rally to $0.80 if it upholds the current price level.
DemiGod’s analysis tools include a couple of simple moving averages (SMA), the relative strength index (RSI), and a downward trendline. XRP’s price broke above the trendline around the $0.46 price level, after which the rally continued to $0.55. A horizontal resistance at $0.55 implied XRP’s price succumbed to a retracement and was consolidating.
XRP continues to trade between $0.55 and $0.48 over the past few days, developing into a short-term sideways movement. The lower limit of this range coincides with the SMA on which the price found support. Coupled with a bullish SMA crossover, the analyst identifies this as a positive development for the XRP price.
Another crucial indicator DemiGod added to his analysis is the RSI. The SMA was slightly below the overbought region at the time of the review. The indicator’s outlook suggests it could fade into the middle range or even lower as the price trends sideways. That could represent a bullish signal for XRP, as a falling RSI could gather the momentum to push the price higher.
XRP’s latest rally started on May 8, 2023, exactly one month before the time of writing. The price bounced off a local low at $0.41 and rallied to $0.55. The digital token gained 33% during the recent rally and garnered significant bullish sentiment.
The digital asset traded at $0.51 at the time of writing, reflecting a 12% shortfall from its highest price this year. However, it retains a 55% profit from its opening price at the beginning of 2023.
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