XRP Price Holds Bullish Setup Despite 50% Flash Crash, Analyst Says
The XRP price recently experienced a sharp drop, alarming traders and leading some to view the chart as weak. However, analyst Cryptoinsightuk argues that despite the 50% flash crash, XRP is not bearish and could rise when liquidity increases.
Key Insights
- XRP currently has low downside liquidity, indicating weak seller strength below its current price level.
- The flash crash did not affect the weekly chart, which still reflects a normal trend.
- Market makers may push the price higher to reach deeper liquidity for profit opportunities.
- Despite fears, the weekly chart suggests XRP maintains its larger bullish setup.
Long-Term Outlook
- Higher timeframes are more reliable for assessing trends; the three-month chart supports a strong long-term trend.
- The daily RSI recently hit an oversold area, historically preceding a price increase.
- A fractal pattern indicates potential for the XRP price to rise again if buyers return.
The oversold RSI signal points to a possible future price increase as buyers could re-enter the market.