XRP Price Just Flashed the Same Signal That Led to a 6X Rally!

XRP's latest price action has sparked discussions in the crypto community as technical indicators suggest a potential rally.

XRP price has flashed the same signal that saw it spark a 6X rally.

The crypto price is still consolidating but momentum is heating up again.

The last time the RSI on XRP,s chart had a breakout like this, it saw gains of 469%.

Rising again. Last time this RSI breakout happened (highlighted green), it led to a 469% price rally. We're seeing the momentum return on lower timeframes. Could be interesting for the continuation of this move. $XRP

— Javon "Pay Attention" Marks (@Javon_Marks) September 7, 2023

One of the best ways to trade crypto is by looking out for technical analysis setups. These can be on the candlestick chart itself, but also on indicators like Relative Strength Index (RSI).

The RSI is a measure of momentum. It ranges from 0 to 100, with values above 70 indicating that a security is overbought, and values below 30 indicating that it is oversold.

A breakout of an RSI pattern can be a strong signal that the current trend is continuing.

In the case of XRP, we can see that the price has been consolidating in a specific range. During both consolidation periods, a falling wedge pattern was forming within the RSI, signaling a weakening downtrend.

After the RSI broke out of this pattern, we saw a substantial rally in XRP’s price.

As the RSI pulled out of the lower time ranges, we saw the price of XRP begin a major push upward. The last time this RSI breakout happened, it led to a 469% price rally.

Currently, we can see that the momentum is heating up again, with the RSI breaking out of the same pattern on lower timeframes.

If this pattern repeats itself, then we could be setting up for another leg up in the price of XRP.

What is the technical analysis verdict on XRP?

The price of XRP is testing the bottom of its trading range, which has been acting as support, keeping the price from going lower.

The next level to watch on the upside is the top of this range. If the price breaks above this level, then we could see the uptrend continue.

The last time we saw XRP break out of a similar range, it sparked a strong rally.

If XRP follows its old pattern, then it could be breaking out of its current price range.

According to a recent analysis by Benzinga, several technical indicators suggest that a breakout from this consolidation could trigger another strong move up.

The last time we saw this setup, XRP rallied 6X, which is why traders are now keeping an eye on this potential move.

If XRP’s price manages to maintain its momentum and pierce through the resistance, we might witness another substantial surge.

Javon Marks, a technical analyst at Blockminds Capital, also sheds light on the significance of this development.

Marks highlights that XRP is approaching a critical juncture where past trends will likely dictate the next leg of the market.

While nothing is guaranteed in the volatile realm of cryptocurrencies, investors and analysts are eagerly watching to see if XRP will continue its past trend or takes a surprising turn.