A well-known analyst claims that a God candle is breaking out on the XRP chart
- Trader CoinsKid has highlighted a series of “God Candle Breakouts” on the monthly XRP chart.
- Some of the analyst’s followers seem to disagree with his reading of the formation of “God’s Candle”.
- It is down by 0.08% over the past day, and it is currently trading at $0.4267.
Earlier today, Twitter analyst CoinsKid highlighted a series of “God Candle Breakouts” on the XRP monthly chart. A God candle is generally a huge green candle that can push a currency towards a sharp spike in the rally. In this case, whether or not the candle is massive or if it has the potential to propel it towards significant highs is debatable.
Although some agree with this reading, some analyst followers do not share the same sentiments. “The term ‘God’s candle’ has been reduced to such an extent,” the user said, implying that the candle on the XRP chart cannot be considered a “God’s 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 suffered a 0.08% decline over the past day and a 2.72% decline over the past 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
XRP daily chart analysis shows that since the death cross where the 9-day EMA crossed bearishly below the 20-day EMA on April 21, XRP has been declining. Right now, with the 20-day EMA still positioning above the 9-day EMA, it doesn’t look like a recovery could happen very soon.
Another bearish indicator on the XRP chart is the RSI line. With the RSI line below the RSI SMA line, and a value of 37, dangerously close to the oversold zone, the sky for XRP appears to be cloudy.
However, this reading of God’s candle could be the silver lining in the gloomy XRP sky. Investors will need to wait and watch for more positive signs ahead.
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The post published on Popular Analysts website God Candle Breakout on the XRP chart made its first appearance in the coin issuance.