Crypto analyst Skipper has highlighted a noteworthy shift for XRP, despite its continued trading below the crucial $2 mark. According to Skipper, the selling pressure surrounding the altcoin appears to be easing, coinciding with a sustained influx of capital from exchange-traded funds (ETFs).
In a recent post on X, Skipper pointed out that XRP’s stochastic RSI has dropped to 0.0 for only the second time in its history. This comes during a challenging period for the altcoin, which has experienced a 35% decline in this quarter and a 10% decrease year-to-date, marking its first annual loss since 2022. Skipper also emphasized that XRP remains under the key psychological threshold of $2.
While acknowledging the difficulties, Skipper conveyed some optimism following a discovery by analyst Steph regarding XRP’s Stochastic RSI hitting 0.0 on the 3-week chart. Notably, this occurrence happened only once before—during the Terra LUNA crash in 2020—right before XRP bottomed out at $0.28. Skipper interpreted this as a potential signal that selling pressure could soon dissipate, although he cautioned that a quick rebound might not be imminent. He referenced XRP’s prolonged stagnation in 2022 before its last recovery, suggesting that the recent decline in the stochastic RSI indicates broader cycle lows rather than short-term selling.
As the selling pressure appears to cool, XRP has been benefiting from considerable buying activity driven by XRP-focused ETFs. According to SoSo Value data, these funds have experienced daily net inflows since their inception, accumulating net assets of $1.25 billion, which constitutes nearly 1% of XRP’s market capitalization.
In an optimistic prediction, YoungHoon Kim, purported to be the largest IQ holder, announced on X that he foresees an XRP supercycle occurring next year. He previously suggested that the altcoin could surge to $10 or higher, potentially setting new all-time highs. His speculation is based on the belief that “all crypto will eventually connect with XRP.”
Amidst this, analyst Crypto King has emphasized the importance of patience as XRP works towards reclaiming pivotal price levels. He noted that the cryptocurrency is currently trading just above the critical support level of $1.85. A significant bounce and recovery above $1.98 would signal a shift in momentum, with a breakout potentially indicating an initial resistance target of $2.58. Further up, there remains the prospect for XRP to climb as high as $3.66.
As of the latest data from CoinMarketCap, XRP is trading around $1.86, experiencing a slight decline over the past 24 hours.
