XRP RSI Divergence Suggests Sellers' Control Is Weakening

The price of XRP has been stuck near $1 for weeks, but a technical signal indicates that bearish momentum is waning. A divergence between XRP's price action and the Relative Strength Index (RSI) suggests that sellers' control is weakening.

The RSI has started to rise despite new price lows, indicating that downward momentum is gradually decreasing. This bullish RSI divergence often occurs when sellers maintain control but weaken. However, it does not guarantee an immediate reversal, and XRP may continue to decline or consolidate near current levels.

Additionally, the moving-average structure remains bearish, with every significant average above $1. The blue average is close to $1.07, while resistance is at $1.04. Long-term averages are even higher, around $1.34 and $1.15.

Network activity has also been a notable aspect of XRP's performance. In early August, the number of transactions on the ledger surged to three million per day, and in late August, it surpassed two million again. Although activity has decreased since then, the network still handles over one million transactions daily.