Popular cryptocurrency analyst Cryptonary has recently shed light on his predictions concerning the XRP price and has revealed there might be a pullback for the cryptocurrency’s price.
Crypto Analyst’s Prediction For XRP
Cryptoary took to his official X (formerly Twitter) handle to share his recent prediction on the price movement of XRP. The X post was accompanied by a short video clip to further elaborate on his prospects.
The crypto analyst’s prediction was fueled by the recent price decline of XRP from its highest point of $0.73 this week and believes that the token price fell due to the rejection at the $0.70 key resistance.
“For XRP, we’d be very cautious here. Price has moved into a major resistance at $0.70 and has initially been rejected from this level. Alongside this, we’ve seen leverage significantly increase with longs ape’ing in,” he stated.
Currently, the price of XRP is sitting at $0.69. According to Cryptonary, the crypto asset’s major support stands between $0.62 and $0.64, and the token needs to maintain this level in the short and medium term.
Despite the $0.62 and $0.64 support ranges not being healthy, the crypto analyst still believes that there might be a meaningful pullback within these price ranges.
The Cryptonary’s post also shed more light on the token’s Relative Strength Index (RSI), noting that it contributed to the price rejection. According to him, the price reversal was also aided by the Relative Strength Index (RSI), which reached 85.53 on November 6.
Additionally, XRP’s RSI on the daily and the 3D are overbought. This suggests the need for some prudence, despite the fact that things aren’t too dire at the moment.
“The RSI on the daily and the 3D are overbought, although the 3D is just overbought. This would suggest the need for some caution, even though we’re not currently at alarming levels,” the crypto analyst stated.
Furthermore, the analyst also highlighted the crypto’s open interest. According to him, the open interest is huge, which indicates that long positions are paying a colossal premium to short positions. He asserted due to this things are looking overheated as an overly long market is at risk of a flush-out which might further affect the price of the digital asset negatively.
XRP 1M Japanese Candlestick Resurfaces
The crypto analyst is not the only one who has recently shared predictions concerning the token’s price movement. Several analysts seem to be bullish on the crypto asset as a lot of predictions keep coming up from them.
Another crypto analyst known as Tony The Bull has recently shared interesting information about the digital asset. According to him, the cryptocurrency had repeated a rare candlestick formation known as the 1M Japanese Candlestick which happened back in 2017.
This looks promising for the token, as the last time the XRP chart formed this candlestick, the price of the token significantly increased by 900%. If the token manages to mirror what happened the last time, the price of the token might hit the $6 mark.