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The $XRP weekly RSI is approaching a level that has historically marked a price bottom, birthing the narrative of a possible recovery.
Interestingly, this indicator has marked the end of the downward price trend in some of the weakest moments in the history of $XRP. If history repeats, the ongoing correction could be in its final stages.
Key Points
- The $XRP weekly RSI is approaching a level that has historically marked a price bottom, birthing the narrative of a possible recovery.
- Specifically, the 30-32 RSI levels have marked price bottoms on several occasions in the past for the asset.
- The weekly RSI currently stands at 31.51, within the range that historically confirmed the bottom.
- If history repeats, $XRP will soon end its downtrend and begin a recovery.
$XRP Price and the Weekly RSI
Analyst “Kripto Messi” drew the $XRP community’s attention to this positive development. He highlighted that the 30-32 RSI levels have marked price bottoms on several occasions in the past for $XRP. According to him, reaching these areas could be the confirmation that $XRP is bottoming.
An accompanying chart provides further context. It highlights four scenarios in which $XRP rebounded from price lows when the weekly RSI reached between 30 and 32.
$XRP RSI Historical Dip to Bottom/Kripto Messi">
For context, $XRP’s weekly RSI approached this level on the week of June 30, 2014, when the price dropped to $0.0028. This marked its lowest-ever recorded price, after which the token recovered to higher levels.
The same happened on the week of November 16, 2015, when the RSI reached 33.91. $XRP also bounced from its lows of $0.0041 to greater heights. During the week of March 9, 2020, the weekly RSI also dropped to 33.1, with $XRP also bottoming at $0.104.
Meanwhile, the last occurrence was in mid-June 2022, when $XRP dropped to $0.287. The dip coincided with the weekly RSI decline into oversold territory at 28.12 and marked the asset’s bottom to date.
Weekly RSI Approaching Lows
The weekly RSI currently stands at 31.51, within the range that the analyst said confirmed the bottom. As such, he remains optimistic that $XRP will soon end its downtrend and begin a recovery.
The market commentator specifically claimed that $XRP is in its final week of downtrend and an impulsive rally could start as early as next week. However, this remains his opinion, and there is no guarantee of its certainty.
In the meantime, other indicators, such as the weekly MACD, remain very bearish. The red bars are lengthening again, and the MACD line has not crossed the signal line.
Unless more indicators turn positive, the RSI alone cannot spark a price recovery for $XRP. This means the recent downturn might drag on, possibly pushing the coin to newer lows.