With XRP exhibiting bullish sentiment in the short term, historical technical indicators suggest that the cryptocurrency has more upside potential.
In this regard, crypto trading expert Cryptoinsightuk pointed out in an X post on August 20 that XRP has flashed a bullish signal on the four-hour chart.
According to the analysis, XRP’s four-hour Relative Strength Index (RSI) has again entered the overbought zone, a condition that preceded a significant price surge.
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The last time XRP reached this level, it experienced a remarkable 35% rally, culminating in a local top. Should history repeat itself, traders could see XRP climbing to the $0.82 mark, a substantial increase from its current levels.
In addition to the RSI signal, the analysis indicated that XRP has been showing a steady uptrend over the past few weeks, with the token consistently setting higher lows. The combination of technical indicators suggests that XRP could be poised for a significant breakout, potentially reclaiming the $0.80 price range.
However, while past performance can offer insights, it does not always indicate future results.
XRP’s price set for more bullish gains
Meanwhile, another analysis shared by Bitcoinsensus in an X post on August 20 suggested that XRP is poised for further bullish upside. The analyst noted that XRP has confirmed a golden cross on its daily time frame, a bullish technical indicator that occurs when the 50-day moving average crosses above the 200-day moving average.
This crossover is often seen as a sign of a potential upward trend, attracting the attention of traders and investors.
“XRP is currently confirming a golden cross on the daily time frame. A promising long opportunity could arise,” the expert noted.
According to the expert, a promising long opportunity could emerge from a retest of the $0.55 mark, which currently represents the 50-day moving average. This trendline may be a significant support level, potentially serving as a rebound zone for the cryptocurrency.
XRP price analysis
At press time, XRP was trading at $0.61, having rallied over 4% in the last 24 hours. During the weekly timeframe, the token gained almost 6%.
In the meantime, XRP needs to hold above the $0.60 support zone to validate the bullish momentum and potentially build on its legal success in the ongoing case between Ripple and the Securities and Exchange Commission (SEC).
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
