Ripple’s XRP just entered a rare condition on the 3-week time-frame. The Stochastic Relative Strength Index (StochRSI) dramatically plunged to zero, mimicking the bear market bottom of 2022. Namely, the StochRSI acts somewhat differently than the regular Relative Strength Index (RSI), arguably giving a faster response to the switching market trends.
StochRSI Drops To Zero, XRP’s Price Stays Afloat
Such technical instruments are used to erase the short-lived noise and determine the asset’s strength. Judging from Steph’s analysis, the popular XRP price analysis reader signals a market bottom due to selling pressure getting exhausted at this range. The intense downside momentum has dried up, but that doesn’t guarantee an immediate XRP price response.
The risk of further downside has narrowed as XRP coin’s price was dancing around $1.85. This support territory remained solid after billions of excessively-leveraged positions on XRP’s price were wiped out from Futures markets. This caused price de-risking, in other words a period of calm before the asset’s next big move.
What’s The Game-Changing Level For XRP’s Price?
If met with substantial buying power from the big-time investors, the extremely oversold reading on the StochRSI could quickly turn bullish. At present time, the crypto whales are still taking profits, while market connoisseurs are peeling their eyes on two key Bollinger Bands.
The mid-tier Bollinger Band (BOLL) at $1.89 reflects the Exponential Moving Average (EMA), alluding that Ripple’s bulls can regain dominance if XRP coin closes the day above this range. Ultimately, the $2 psychological threshold, coinciding with the red-label BOLL band, is the one analysts are looking at for confirmation of a sustainable XRP rebound rally.
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People Also Ask:
On the 3-week timeframe, XRP’s Stochastic RSI has hit 0.00—extremely rare and signaling full exhaustion of selling pressure.
It has only happened once before: at the 2022 bear market bottom. High-timeframe zeros like this are uncommon.
It indicates downside momentum has completely dried up. Selling is exhausted, but it doesn’t guarantee an instant reversal.
After the 2022 signal, XRP entered a prolonged accumulation phase before launching its next major upward move.
