XRP price recorded a slight dip today and is down by more than 1% at the time of writing.

According to analysts, XRP is showing early signs of a bullish turnaround and it has also broken above a previous high in Relative Strength Index (RSI).

Relative Strength Index (RSI) is a measure of how quickly price moves up or down over time. It is used by traders to identify overbought or oversold conditions in a security or market.

When a security's price rises quickly, RSI tends to move toward 70 or 75, signaling that the security may be becoming overbought. If the price continues to rise, it may stall or begin to fall as traders become reluctant to push it higher.

Conversely, when a security's price falls quickly, RSI tends to move toward 30 or 25, signaling that the security may be becoming oversold. If the price continues to fall, it may stall or begin to rise as traders become interested in buying the security at lower prices.

In the context of the current market, if Bitcoin, Ethereum and other altcoins continue to rise, it could help to propel XRP to make a bigger move. However, if the crypto market experiences a setback and altcoins begin to decline, it could put paid to the ongoing recovery in XRP.