Is XRP gearing up for a last-minute rally?

TLDR

• XRP's technical analysis reveals it's straddling a pivotal point, needing to solidify its position above $0.54 to fuel an upward surge.
• The RSI suggests XRP has room for growth, while funding rates indicate a strong preference for long positions.
• Compared to its counterparts, XRP appears to be in a relatively healthier state, potentially poised for further gains, contingent on BTC's stability.
• Anticipate a retest of $0.60 soon for XRP, provided Bitcoin maintains its current trajectory.

Disclaimer: Not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results. “One Glance” by Cryptonary sometimes uses the RR trading tool to help you quickly understand our analysis. They are not signals, and they are not financial advice.

Technical analysis

XRP is still below its main uptrend line (the thick yellow line), but it is now back above a major horizontal resistance of $0.54. The key for XRP here will be to build more days' worth of price action above the horizontal line of $0.54 and flip that level into support. 

If this happens, it could help fuel XRP for a greater move higher that could retest and break back above the uptrend line.  

RSI and funding rates

The RSI is not in overbought territory yet on the daily timeframe. So, XRP could continue to move higher here, particularly if it can stay above the horizontal level of $0.54. 

Funding for XRP is very positive and at a 3-month high, indicating that longs are willing to pay a relatively substantial premium to shorts. Again, this is somewhat of a crowded trade across the market.

Cryptonary’s take

XRP looks more positive than most here. Other charts look exhausted to the upside, but XRP looks to be relatively healthy here and could continue higher as long as BTC can hold up and not have any major pullback. 

Action

• If BTC can hold up, we feel XRP could retest $0.60 in the coming week. 
• XRP has moved up well recently but hasn’t performed like others.
• XRP may have more room to go, simply as it may have some “catching up to do”.