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The recent price movements of XRP have followed a pattern that Crypto analyst Javon Marks believes that it signals the potential for a strong continuation rally. Marks share his analysis on the social media platform X and pointed to a “hidden bullish divergence” on the daily candlestick card of XRP. Despite the constant price crash, the presence of This bullish divergence Opens new bullish goals for the XRP price.
XRP’s price crash deteriorates, but the hidden bullish divergence suggests the following move
XRP’s price promotion has confronted with consistent downward pressure In the past week, with the decline in the last 24 hours of intensification. At the time of writing, XRP has fallen by around 13% in the last 24 hours and is about to re -test a crucial level of support at $ 2.
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However, an interesting analysis shows that this decrease is part of a Hidden Bull Divergence Pattern, where both the price and the RSI indicators create a series of highlights and lows on the 1-day candlestick-time frame. This interesting pattern is characterized by higher lows and higher highlights on the XRP price diagram, while there is a series of lower lows and lower highlights on the RSI indicator. This diverse education between the price of the cryptocurrency and the RSI is known as Bullish. In particular, it suggests that the sales pressure of the RSI can slow down.
Javon Marks emphasized that XRP Prepare for A “huge continuation district” and that the necessary technical confirmations for such a movement are already present. This statement builds up Are earlier 18 February Analysis, where he described the hidden bullish divergence when forms on a ‘textbook fashion.
Crash to return quickly? Price objectives to look at
According to the projection of Javon Mark, an upward movement would see that the XRP price ultimately creates a higher high, as expected from the bullish divergence pattern. In terms of a specific price objective, Mark’s projection shows that the next peak could reach at least $ 3.80. If this is achieved, this would push XRP further than its current of $ 3.40.
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However, these prospects depend on the XRP price Holding above The bullish divergence support for $ 2. Any persistent breakdown under this threshold can dispute the strength of the projected rally and change the bullish prospects.
As an addition to this perspective, Marks also noted the parable between the consolidation of XRP in recent weeks, because it reached $ 3.36 and that of a consolidation after a strong rally in the first half of 2017 after a strong meeting.
Although the current consolidation phase took longer than that then observed, both formations share important structural similarities. The consolidation of 2017 eventually led to a continuation rally that pushed the XRP price to new highlights. If history repeats itself, current consolidation can also be a precursor for another important leg.
At the time of writing, XRP acts at $ 2.15, with 13.2% and 15.9% in the last 24 hours and seven days, and is Now threatens to lose The support of $ 2.0 soon.
Featured image of Adobe Stock, Chart van TradingView.com