While XRP is showing a bullish sentiment in the short term, historical technical indicators suggest that the cryptocurrency has further upside potential.
In this regard, crypto trading expert Cryptoinsightuk pointed out in an X-post on August 20 that XRP sent a bullish signal on the four-hour chart.
According to the analysis, XRP’s four-hour Relative Strength Index (RSI) has once again entered the overbought zone, a condition that preceded a significant price increase.
The last time XRP reached this level, it experienced a notable 35% surge that culminated in a local high. If history repeats itself, traders could see XRP climb to the $0.82 mark, a significant increase from current levels.
In addition to the RSI signal, the analysis showed that XRP has been exhibiting a steady uptrend over the past few weeks, with the token consistently making higher lows. The combination of technical indicators suggests that XRP could be on the verge of a significant breakout and potentially reclaim the $0.80 price range.
Although past performance can be indicative, it is not always a guide to future results.
XRP price set for further bullish gains
Another analysis by Bitcoinsense In an August 20 X-post, he suggested that XRP was poised for further upside. The analyst noted that XRP has confirmed a golden cross on its daily time frame, a bullish technical indicator that occurs when the 50-day average crosses above the 200-day average.
This crossover is often seen as a sign of a possible uptrend and attracts the attention of traders and investors.
“XRP is currently confirming a golden cross on the daily time frame. A promising long opportunity could emerge,” the expert noted.
According to the expert, a promising long opportunity could arise from a retest of the $0.55 mark, which currently represents the 50-day moving average. This trend line could represent a significant support level and potentially serve as a recovery zone for the cryptocurrency.
XRP Price Analysis
At press time, XRP was trading at $0.61 and was up over 4% in the past 24 hours. On the weekly time frame, the token gained almost 6%.
Meanwhile, XRP needs to stay above the $0.60 support zone to confirm the upside momentum and potentially build on its legal success in the ongoing case between Ripple and the Securities and Exchange Commission (SEC).
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