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CMT-Certified Analyst Says The XRP Price Rally Still Has A Long Way To Go
As the cryptocurrency market continues to experience significant price movements and sharp corrections, expert analyst Severino has shared his views on XRP’s recent rally. According to his analysis, a bullish divergence has emerged, which further strengthens its potential for a price rally and optimistic outlook.
In a detailed breakdown of the chart, the CMT-certified analyst highlighted the presence of a long-term bearish momentum that has weakened significantly in recent times. This is a crucial sign that XRP’s current price action may be more than just a mere correction, as it suggests that a potential trend reversal could be on the horizon.
In addition to its technical indicators, Severino revealed that momentum oscillators such as the Logarithmic Moving Average Convergence Divergence ( LMACD ) and Stochastic Oscillator point to a potential price rally for XRP. Currently, the bearish momentum for XRP’s LMACD is weakening and steadily approaching a bullish crossover for the first time on the XRP/BTC chart.
This pivotal shift suggests that the current XRP price trend may be showing early signs of exhaustion, potentially paving the way for an extended upside in the near future.
The technical indicators also suggest that XRP still has a long way to go before entering overbought territory.
Source: bitcoinist.com
