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Trader Says RSI and Bollinger Bands Are Bullish On XRP. Here’s What’s Coming
Financial expert Levi Rietveld has recently shared his technical analysis of Ripple (XRP), offering a bullish forecast based on the Relative Strength Index (RSI) and Bollinger Bands.
In a recent video, Rietveld emphasized that XRP is currently trading at 220, which he described as a strong position. However, he warned traders that certain technical signals indicate a likely short-term price correction is imminent.
Rietveld began by highlighting the current condition of the stochastic RSI for XRP, noting that it has entered the overbought territory. He referenced historical data to underscore the significance of this development. In particular, he pointed to an event on June 11th, when a similar scenario played out and was followed by a substantial price correction.
Accordingly, he believes that the likelihood of a significant correction from these elevated levels is extremely high. This, in turn, may provide an ideal buying opportunity for traders.
Source: timestabloid.com
