XRPIDR Breaks Out — But Overbought RSI Raises Red Flags

Summary
• XRPIDR formed a bullish engulfing pattern after hitting a 24-hour low near 23,888.
• RSI signaled overbought conditions near 80 as price surged past 24,500.
• Volatility spiked after 08:45 ET with a 30-minute candle printing 3.2M Rupiah in turnover.
• Price tested the 5-minute 20-period EMA at 24,100 and bounced with confirmation.
• Bollinger Bands widened during the morning session, indicating renewed directional momentum.

Market Overview

At 12:00 ET–1 on February 7, XRPIDR opened at 23,983 and reached a high of 24,652 before closing at 24,542 at 12:00 ET on February 8. Total volume for the 24-hour period was 105,775.0 XRP, with a notional turnover of 2,553,855,570.3 Rupiah.

Structure & Formations

Price found key support at 23,984, where a 5-minute bullish engulfing pattern emerged after a sharp pullback. This was followed by a strong rally that tested 50-period and 20-period moving averages on the 5-minute chart, indicating potential accumulation. A large 5-minute bullish reversal candle at 08:45 ET marked the beginning of a sustained move higher, with a fractal high at 24,652.

Momentum & Indicators

MACD turned positive with a bullish crossover occurring just before 09:00 ET, aligning with the breakout from a descending triangle. RSI briefly entered overbought territory at 80, suggesting aggressive buying, but remained within a healthy range for a trending move. Bollinger Bands were wide open during the morning hours, showing elevated volatility and confirmation of the breakout.

Volume and Turnover

Volume surged significantly during the morning session, especially around 08:45 ET and 11:30 ET, confirming the breakout and continuation. Turnover spiked to over 513 million Rupiah at 11:30 ET, indicating strong institutional or large-cap participation. However, divergence appeared in volume during the late afternoon, which could signal a potential pause or pullback.

Fibonacci Retracements

The 5-minute retracement from the 24,652 high to the 24,384 low showed price testing the 61.8% level (24,509) and bouncing back. On the daily chart, the 61.8% level at 24,440 appears to be a key resistance ahead of the 24,652 high.

XRPIDR appears to be consolidating near the 24,500–24,600 range with potential for a continuation if it clears 24,652. However, traders should remain cautious of volume divergence and overbought RSI levels, which could trigger a pullback to the 24,384–24,440 zone.