thecryptobasic.com
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Analyst Doctor Profit has opened a long $XRP position at $1.34, anticipating a short-term relief rally in the market.
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He believes crypto prices may rise briefly before a larger correction, while maintaining both Bitcoin longs and a BTC short.
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The analyst says $XRP is “criminally undervalued,” noting its RSI has dropped to levels last seen during the 2022 bear market.
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$XRP recently climbed to $1.45 before retracing, with key support between $1.30 and $1.37 as traders watch for a rebound.
Crypto analyst Doctor Profit has revealed a new long position on $XRP after the asset’s recent pullback.
He argues that the token may be setting up for a short-term rebound despite market uncertainty.
Market data shows $XRP currently trading around $1.40, reflecting a slight 2% decline over the past 24 hours. Meanwhile, the coin is still holding roughly 1.95% gains over the past week.
Key Points
$XRP Long Position
In a recent update on X, Doctor Profit outlined his current trading positions across major assets.
According to him, he is holding multiple positions in Bitcoin, including spot buys around $60,000 and $68,000. He is also maintaining a short trade in the $115,000 to $125,000 region.
Alongside these positions, the crypto educator confirmed that he has entered a long trade on $XRP from $1.34. Doctor Profit explained that he expects a temporary upward move across the market before a larger correction eventually unfolds.
Notably, crypto markets have been struggling to regain their footing this year, and ongoing financial tensions from the Middle East conflict are adding to the pressure.
While prices have largely been discouraging, Doctor Profit says a notable relief rally is underway. Hence, he is holding long positions in $XRP and Bitcoin. Meanwhile, he does not expect it to last, as he anticipates a resumption of the downtrend.
“Rising prices before the next big crash,” Doctor Profit wrote on X.
$XRP is “Criminally Undervalued” as RSI Signals Oversold Conditions
In a separate post accompanying a chart analysis, the analyst described $XRP as “criminally undervalued.” He pointed to the token’s Relative Strength Index (RSI), which he said had dropped to extremely oversold levels.
According to his analysis, the last time $XRP’s RSI reached similar levels was in December 2022, when the crypto market was bottoming out during the bear cycle. The indicator has historically identified potential reversal points after extended sell-offs.
Doctor Profit noted that he had already shared a buy signal with his premium subscribers when $XRP was around $1.37. Based on the technical setup, he said he expects higher prices to emerge in the coming weeks.
$XRP Price Holds Near Key Support
With $XRP’s price at $1.40 at press time, the long position is currently profitable. During the market-wide rally on Friday, $XRP surged to $1.45 before slightly retracing to around $1.39.
The chart shared by the analyst highlights support zones around $1.30 to $1.37, where buyers may be entering after the recent correction. The RSI indicator on the chart also shows the metric approaching levels that previously marked major market bottoms.
Ultimately, Doctor Profit anticipates higher prices in the coming weeks, even while noting that a major crash could follow.
Beyond short-term price outlooks, $XRP bulls widely anticipate a move to a fresh all-time high. Recently, technical analyst Casi Trades argued that even a $6 price target is a conservative estimate for $XRP’s long-term outlook. According to her, $6 does not justify the nearly decade-long wait for $XRP holders while the asset traded below its previous all-time high.