Analyst Says Do Not Buy XRP Anymore After This Date
Main Idea
Cryptocurrency analyst STEPH IS CRYPTO warns against buying XRP after a certain date due to overbought signals and potential upcoming corrections, despite possible short-term gains.
Key Points
1. STEPH IS CRYPTO warns that XRP's stochastic RSI is massively overbought, suggesting further buying could be ill-timed.
2. Technical indicators show XRP's daily stochastic RSI crossed into overbought territory on June 28, historically leading to drawdowns of 12% to 45%.
3. XRP's broader RSI reading reached 82.9 in the past 48 hours, indicating it is trading close to upper resistance levels.
4. Analysts suggest XRP may still experience a final upward push toward $5–$6 before a deeper correction, with potential targets of $7–$10 or $20–$30 by year-end.
5. Steph advises caution, recommending avoiding new XRP purchases after the stochastic RSI peaks and waiting for clearer signals.
Description
Cryptocurrency analyst STEPH IS CRYPTO recently warned on X that XRP’s bull run might conclude within the next one to two months . Sharing a video clip on his status, he cautioned that “the stochastic RSI is massively overbought just like 2017.” He added that although “we’re in the final stage of this bull run,” there remains potential for “at least one more big push to the upside,” after which further buying could be ill-timed. Overbought Warnings Echo 2017 Cycle Technical indicators reinforce ...
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