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After what felt like forever stuck in a sideways grind, XRP finally made its move in November. You know how it is - when an asset breaks out like that, even the pro traders can get thrown off.
But here’s the thing: seasoned chart watchers are not just staring at price action. They are monitoring the Relative Strength Index (RSI), and right now, it is telling an interesting story.
Tomiwabold OlajideMatrixport, a big name in digital asset management, in a recent outlook pointed out that when the RSI hangs around 40%, it is often a signal that a rally could be brewing. And guess what? XRP’s figure is chilling right near that level.
That does not guarantee anything, but it is a hint that the next move might occur sooner rather than later. On the flip side, when RSI shoots up toward 70%, that is usually when things get overheated. With it still well below that threshold for XRP, there is room to run.
Ripple, XRP and SEC
The future for XRP, however, still revolves around the SEC v. Ripple court battle, in the opinion of Matrixport's analysts. Recently, the financial watchdog removed its civil suits against the crypto company from its records. Some in the XRP community believe this could signal the end of the long-running litigation, or at least a revisiting of the case.
Adding to the mix is the leadership shake-up at the SEC. Mark Uyeda stepped in as acting chairman in January, and already, there has been a shift in tone. The agency launched a new task force focused on crypto regulation, aiming to bring some clarity to the space. For XRP, it could mean less regulatory headwind and more room to breathe.
Arman ShirinyanRight now, XRP is trading at $2.567, down from its January high of $3.40. But with the RSI showing signs of potential upward movement and the regulatory landscape improving, there is a good chance it will continue its ascent.
Dan Burgin
Vladislav Sopov