Crypto analyst Steph has pointed to an “interesting” chart, which has previously led to an XRP price rally. In an X post, Steph highlighted the 3-week XRP price chart, stating that it was “interesting” for one reason. He revealed that the Stochastic Relative Strength Index (RSI) has dropped to 0.00 on the 3-week timeframe, which is extremely rare and has only happened once before, which was the 2022 bear market bottom. Steph further explained that on such a high timeframe, this indicator only reaches zero when selling pressure is fully exhausted, which is a positive for the XRP price.
The analyst added that this means that momentum to the downside has dried up, although he warned that this doesn’t mean that price must instantly reverse. The last time this signal appeared, the XRP price entered a long accumulation phase before the next major move higher.
The XRP ETFs also mark a positive for the XRP price as these funds maintain their inflows streak. These funds have recorded daily inflows since the Canary’s fund launched on November 13. As a result, they now boast net assets of over $1.1 billion, even as XRP continues to see significant demand from institutional investors.
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