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Analyst Shares ‘Realistic Stance’ For XRP, But Is It The End Of The Road?

XRP has returned above $1.40, giving bulls a reason to think that the cryptocurrency is now finding a footing after weeks of weak price action. 

However, crypto analyst ChartNerd believes the current setup needs to be viewed with realistic caution. In a recent analysis and outlook he posted on X, he argued that XRP’s weekly chart is beginning to show bullish signals, but the larger timeframe has not yet confirmed that the correction is over.

XRP Weekly Chart Shows Signs Of Recovery

ChartNerd’s bullish case starts with the weekly chart, where he pointed to several technical signals that usually appear near important turning points. According to him, XRP’s weekly RSI has fallen into historical cycle-low territory, the weekly MACD has formed a bullish golden cross, and the price is still holding around the 200-week EMA. He also noted that the monthly 50 EMA is still acting as support. 

These are all bullish signals that are positive on the weekly timeframe. For instance, a golden cross on the MACD usually suggests that downside momentum is weakening and that buyers are beginning to regain control.

XRP

The signals are important because the token has spent much of the past several months trying to build a base after a deep correction. The base seems to now be forming around $1.4, and this gives XRP bulls something to work with.

The Larger Timeframe Is Still Not Fully Bullish

The realistic stance for XRP is on the 3-month timeframe, which filters out short-term noise and reveals the main cycle structure. 

An example is its 3-month RSI, which is currently around 54. This reading is notable because it is still above the cycle-low region around 47 seen in previous bearish structures before stronger rotations. In realistic historical terms, this means the broader reset may not yet be complete.

The analyst also pointed to the 3-month MACD, which he said is showing signs of exhaustion despite still being elevated. This raises the possibility of a death cross forming on the higher timeframe. Finally, the 3-month MACD is currently acting as overhead resistance, unlike its weekly counterpart, which has already formed a bullish golden cross.

This is where the realistic stance comes in. ChartNerd was careful to note that he is not saying XRP cannot rise in May or June. In fact, the analyst is open to bullish continuation in the near term. 

The major concern now is that the move may be a counter-trend rally that forms a lower high before XRP records another low later in the year. That means the bullish case now depends on the altcoin doing more than rebounding on the weekly chart. It needs to push through higher-timeframe resistance and confirm a stronger breakout on the 3-month chart.

XRP

from Bitcoinist.com https://ift.tt/ucFXGbg
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