XRP Price Hits Local Bottom, Chances of 11% Breakout Rally Strengthen
XRP's recent decline may signal a local bottom, supported by long-term holder accumulation and an oversold RSI, suggesting an 11% breakout rally is possible.Summary
XRP has been in a sustained downtrend, hitting a monthly low, but on-chain data suggests this might be a reversal point rather than a continuation of bearishness. Long-term holders are accumulating, evidenced by a sharp drop in the Liveliness metric, which reduces selling pressure and indicates conviction.
Momentum indicators support this view, as the Relative Strength Index (RSI) bounced after dipping into oversold territory (below 30), suggesting capitulation among weaker holders has occurred.
Technically, XRP is trading within a descending wedge pattern, which is typically bullish. A confirmed breakout from this wedge could lead to an 11.7% rally, targeting $2.10 from its current price near $1.87. However, failure to break out could see XRP drop toward support levels at $1.79 or $1.75.
(Source：BeInCrypto)