Disregard XRP is Dead A different narrative is revealed by this price signal

Over time, XRP has been criticized as a ‘dead cryptocurrency’ due to its inability to keep up with significant price movements like Bitcoin (BTC) and Ethereum (ETH). However, recent price changes and technical indicators suggest that this narrative may be premature. An analysis from TradingShot on June 25th suggests that XRP may be on the verge of a bullish breakout.

XRP has been trading consistently below its one-week moving average (1W MA200) since April 8, 2023. Despite this, the cryptocurrency is currently testing the bottom of a long-term triangular structure that has been forming since the all-time high in January 2018.

The current triangular pattern resembles a previous one that began after the high in December 2013 and turned upside in March 2017, leading to a significant price surge. This historical parallel indicates a potential for similar bullish behavior in the current market.

One of the critical technical indicators to watch is the one-week Relative Strength Index (RSI), which is currently at 40. Historically, this level has been associated with long-term buying opportunities, suggesting that XRP may be undervalued and poised for a rebound.

If XRP breaks above the 1W MA200, it significantly increases the probability of initiating a parabolic rise toward the cycle’s top. Failure to break this resistance could mean that XRP will need a new narrative to attract investors.

XRP has been forming a series of lower highs and higher lows, indicating a consolidating triangle pattern. These moving averages have been crucial resistance levels, and a break above them would be highly bullish. The trendline’s higher lows have also acted as strong support, providing a base for potential upward movement.

In the short term, XRP continues to be weighed down by bearish sentiment, trading below the major $0.50 resistance. As of press time, XRP was trading at $0.475, dropping over 1% in the last 24 hours.

For XRP to realize a parabolic rally, one determinant factor will be the outcome of the legal battle between parent company Ripple and the Securities and Exchange Commission (SEC). A positive outcome would be a bullish signal for the token.