XRP's price action has been showing signs of improvement in recent days, with the token trading above $1.40. However, crypto analyst ChartNerd believes that this may be a counter-trend rally rather than a strong breakout.
The weekly chart for XRP shows several bullish signals, including a falling RSI into historical cycle-low territory and a bullish golden cross on the MACD. Additionally, the price is holding around the 200-week EMA and the monthly 50 EMA is still acting as support.
However, when looking at the larger timeframe, ChartNerd notes that the 3-month RSI is currently around 54, which is above the cycle-low region seen in previous bearish structures. This suggests that the broader reset may not yet be complete.