XRP Stochastic RSI Just Touched 0.0 For The Second Time In History

Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Crypto analyst Skipperhas drawn attention to a significant development for XRP, even as it continues to trade below the psychological $2 level. Based on this development, the selling pressure could be easing for the altcoin, while ETFs continue to contribute to buying pressure as they maintain their inflow streak.  Analyst Reveals XRP’s Stochastic RSI Has Hit 0.0

In an X post, Skipper revealed that XRP’s stochastic RSI has hit 0.0 for only the second time ever. This came as he noted that the altcoin has had a rough run, as it is down 35% in this quarter, 10% this year, marking its first yearly loss since 2022. The analyst added that XRP is also below the key $2 level.  Related Reading XRP Price Must Stay Above This Level Or Crash To $0.9 2 days ago

However, Skipper suggested that analyst Steph’s discovery about XRP’s Stoch RSIhitting 0.0 on the 3-week chart provides some optimism. He noted that this has only happened once before, which was in 2020, right before the altcoin bottomed at $0.28 during the Terra LUNA crash. 

Skipper also pointed to Steph’s statement that this could mean selling pressure is almost gone for XRP, though a quick bounce may not occur. The altcoin notably stayed flat for months in 2022 before it recovered. The analyst also mentioned that the drop in the stoch RSI marks cycle lows, not short-term trades. 

  While the selling pressure looks to be cooling, XRP continues to see significant buying pressure from the XRP ETFs, which marks a positive for the altcoin. SoSo Value datashows that these funds have recorded daily net inflows since they launched. As a result, they hold net assets of $1.25 billion, which is almost 1% of XRP’s market cap.  XRP Supercycle To Happen Next Year

Self-acclaimed largest IQ holder YoungHoon Kim stated in an X postthat the XRP supercycle will happen next year. Kim had earlier predictedthat the altcoin could reach $10 or higher next year, which would mark new all-time highs (ATHs). This looks to be based on his belief that “all crypto will eventually connect with XRP.”   Related Reading XRP Stochastic RSI Just Touched 0.0 For The Second Time In History 8 hours ago

In the meantime, crypto analyst Crypto King has statedthat patience is key as XRP looks to reclaim key levels. The analyst noted that the price is holding just above the $1.85 critical support and that a strong bounce and a reclaim of $1.98 would signal a momentum shift. He added that if that price level breaks, the first upside target is the first resistance at $2.58. Meanwhile, there is also room for the altcoin to rallyto as high as $3.66 next. 

At the time of writing, the XRP price is trading at around $1.86, down in the last 24 hours, according to datafrom CoinMarketCap. XRP trading at $1.86 on the 1D chart | Source: XRPUSDT on Tradingview.com Featured image from iStock, chart from Tradingview.com