Popular Analyst Claims God Candle Breakout on XRP’s Chart
- Trader CoinsKid highlighted a series of “God Candle Breakouts” in XRP’s monthly chart.
- Some of the analyst’s followers do not seem to agree with his reading of a “God candle” formation.
- Down 0.08% dip over the last day, is currently trading at $0.4267.
Earlier today, Twitter analyst CoinsKid highlighted a series of “God Candle Breakouts” in XRP’s monthly chart. A God candle is generally considered to be a massive green candle that can propel a coin toward drastic surges. In this case, whether the candle is massive or if it has the potential to push it toward major surges is debatable.
Although a few have agreed with this reading, some of the analysts’ followers, however, do not share the same sentiments. “The term “God candle” has been reduced to this,” said the user implying that the candle on XRP’s chart could not be considered a “God candle.”
#xrp – Monthly God candle breakout now send it to the solid red line. pic.twitter.com/8vvD7qVdEb
— CoinsKid (@Coins_Kid) May 15, 2023
Meanwhile, XRP has suffered from a 0.08% dip over the last day and a 2.72% dip over the last week. With a market cap of $22,103,775,741 and a 24-hour trading volume of $540,758,422, XRP is currently trading at $0.4267.
XRP/USDT Daily Chart on TradingView
An analysis of XRP’s daily chart shows that ever since the Death Cross where its 9-day EMA line crossed bearishly below its 20-day EMA on 21 April, XRP has been tumbling downward. At present, with the 20-day EMA still positioned above the 9-day EMA line, it does not seem like a recovery could happen very soon.
Another bearish indicator on the XRP chart is the RSI line. With the RSI line positioned below the RSI SMA line, and a value of 37, inching dangerously close to the oversold territory, XRP’s skies seem to be overcast.
However, this God candle reading could be the silver lining in XRP’s gloomy skies. Investors will need to wait and watch for more positive signs in the future.
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