A popular cryptocurrency analyst has recently suggested that the price of XRP, the native token of the XRP Ledger, could soon go “parabolic,” as based on its historical data it could soon move up between 1,000% and 1,485%.
According to a post shared on the microblogging platform X (formerly known as Twitter) by Cryptoinsightuk, on a weekly timeframe data going back to 2017 shows that after XRP “enters the overbought area on the RSI [relative strength index], it “moves between 1,000%-1485% (within 3 weeks).”
The cryptocurrency isn’t yet in overbought territory, even after outperforming other top cryptocurrencies to briefly surpass BNB and become the fourth largest cryptocurrency by market capitalization. It’s market capitalization has since fallen as the cryptocurrency is trading at $0.687 with a $36.8 billion market capitalization, making it now the fifth largest elow BNB’s $37.6 billion.
Per Cryptoinsightuk, XRP could enter overbought territory at around $0.90 or $1 per token, and if it reaches that level the analyst believes that history repeating itself would mean XRP would surge to $10 to $14 a token within 4-5 weeks.
$XRP Blast off in T-8 days.Could we be about to go parabolic on $XRP?On a weekly timeframe, if we look back to 2017, we can see $XRP moves between 1,000%-1485% (within 3 weeks) when it enters the overbought area on the RSI.We currently have some space to push before we hit… pic.twitter.com/5Kj5p8QnUC
— Cryptoinsightuk (@Cryptoinsightuk) November 6, 2023
According to Investopedia, the RSI is a momentum indicator that’s used in technical analysis to measure the “magnitude of recent price changes to evaluate overbought or oversold conditions in the price of a stock or other asset.”
The RSI can have a reading between 0 and 100, with values above 70 indicating that an asset is starting to become overbought or overvalued, and values below 30 indicating an asset is becoming oversold or undervalued.
Notably, historical data suggests XRP could soar by an estimated 77% during the month of November, as according to historical data the cryptocurrency’s price has surged significantly in November, with a record 531% rise in November 2013.
Over the past five years, November has predominantly been unprofitable for XRP, except for 2020 when it saw a significant 178.3% gain. This suggests that the value of XRP could soon surge based on its long-term historical data for November, or it could dip following last five years’ pattern.
Featured image via Pixabay.
