Leading cryptoanalyst encrypted He shared his thoughts on the future price movements of XRP, suggesting that there could be a potential pullback in the price of the XRP token.
XRP price analysis
Cryptonary, a popular cryptocurrency expert, shared his views on the future price of XRP through his account on Platform X, formerly known as Twitter.
According to the Cryptonary website, the decline over the past two days is due to the strong resistance at the $0.70 price level, which the price was unable to penetrate. He therefore warns of caution with XRP: “After reaching $0.70, we saw rejection at this price level. In addition, there was an increase in market activity as investors took large long-term positions.
After a big drop this afternoon, the current price of XRP is $0.65. Cryptonary notes that crucial support points for XRP are between $0.62 and $0.64, and it is important that these prices hold in the short to medium term.
Although the support points at $0.62 and $0.64 look suboptimal, he still believes there is still potential for a notable recovery within these price ranges.
Caution is required for XRP investors
Cryptonary recently provided additional explanation about the Relative Strength Index (RSI) for XRP, a tool that helps measure how quickly and strongly a coin’s price is moving. He noted that on November 6, the RSI was very high, which could mean that the currency was overvalued and a price decline could follow.
The RSI for XRP is currently above normal on the daily chart and on the 3-day chart. This suggests that investors may need to hold off on buying for a while because the price may rise very quickly. However, the level is not yet alarmingly high.
Cryptonary explains: “The Relative Strength Index (RSI) values are high, which tells us that we need to be careful. “But we’re not yet at the point where we should really be concerned.”
The historical pattern indicates a significant rise in XRP prices
Another analyst is more bullish on XRP. Recently, Tony the Bull, a well-known cryptocurrency analyst, shared new insights about XRP. It points to a striking pattern in the XRP price chart, a rare “Japanese Million Candlestick” formation, which was last observed in 2017.
This development may indicate a positive outlook for the value of XRP. The last time this pattern occurred, it led to a staggering 900% increase in the price of the coin. If XRP repeats this historical performance, its price will likely rise to $6.
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