Hi Guys,
It's Big & Big #alert About $XRP Breakout !!!
XRP Eyes $9 as Stoch RSI Finally Breaks 14-Month Downtrend
XRP shows signs of potential price breakout, as its Stochastic RSI finally breaches a downtrend that has plagued it for over a year.
Market analyst Big Mike confirmed this on Twitter, sharing a 1-month XRP chart to corroborate his findings. The chart indicates that monthly Stoch RSI had been moving underneath a downward trendline since it dropped from the 87.97 peak in July 2023.
Stoch RSI Breakout
For context, this Stoch RSI peak last July coincided with XRPâs rapid price spike during that period, which saw it reclaim $0.93 on the back of the pivotal summary judgment in the
Ripple v. SEC lawsuit.
However, XRP corrected the gains it picked up weeks later, leading to a slump in the monthly Stoch RSI. Nonetheless, after dropping to a low of 3.27, the indicator appears to be recovering.
Despite the ongoing market uncertainty, the Stoch RSI has recorded an impressive spike in recent times.
It has now broken above the downtrend, which lasted for 14 months. This development coming up during times of market uncertainty indicates that XRP is showing strength despite the ongoing turbulence. This could fuel an extensive rally if the bulls maintain this strength.
Elliott Wave Pattern Suggests Rally
The projection of a breakout coincides with XRP entering the final leg of an Elliott Wave structure. In the monthly chart, XRP is currently moving through an Elliott Wave structure, currently in the fifth wave.Â
