XRP Price RSI Returns to Pre-Rally Levels, Hinting at 600% Rally
After an October market correction, XRP has stabilized around $2.20, holding key support above $2. Crypto analyst CryptoInsightUK highlights that the XRP price’s daily range lows remain intact, indicating strong buying interest at current levels. The recent drop removed most liquidity beneath this range, concentrating orders above the market and setting the stage for a potential liquidity sweep and short squeeze.
Technically, XRP’s weekly Relative Strength Index (RSI) has retraced to its seven-year resistance level last seen before the November 2024 surge. That precedent marked the start of a 600% rally, suggesting current RSI readings could trigger a similar upswing. Additionally, XRP dominance appears to be completing a Wyckoff accumulation phase, often a prelude to renewed bullish momentum. If historical patterns hold, a repeat of late-2024 could propel XRP above $10, generating triple-digit gains for traders.
Bullish
This analysis is bullish because XRP’s weekly RSI has dropped to levels that historically preceded a 600% rally in late 2024. Strong daily support around $2.20 and the removal of lower liquidity reduce downside risk and position XRP for a liquidity-driven short squeeze. The completion of a Wyckoff accumulation phase further supports a shift toward renewed buying momentum. In the short term, traders may witness a squeeze as short positions unwind, driving rapid price appreciation. Over the long term, if XRP follows the late-2024 pattern, it could break above $10, delivering triple-digit gains.