XRP, the controversial token affiliated with blockchain firm Ripple, is experiencing a bullish signal, according to the TD Sequential indicator.
As per Ali, a popular cryptocurrency analyst on Twitter, TD Sequential presented a buying signal on XRP’s three-day chart.
This could potentially indicate an upcoming positive price movement, but the digital asset must remain above a certain price point to sustain the potential uptrend.
The TD Sequential is a technical analysis tool used by traders to identify potential price exhaustion and market reversals. It involves a series of price calculations based on historical data and time series to predict whether the price of an asset is likely to continue in its current trend or reverse.
A buying signal on this indicator suggests that there could be a reversal from a downward trend to an upward trend. However, like all trading indicators, it’s not foolproof and should be used in combination with other tools for a comprehensive trading strategy.
Ali emphasized that for the predicted uptrend to materialize, XRP must hold above $0.45. If this is sustained, it could surge to $0.51. Even more notably, slicing through the $0.51 resistance level might trigger a breakout pushing the price up to $0.60.
At the time of writing, XRP’s price is hovering around $0.47, which is within the specified range but needs to stay above the crucial $0.45 level to avoid a potential bearish correction.
According to data from CoinGecko, XRP has a market cap of roughly $24.98 billion, placing it among the top cryptocurrencies by market capitalization.
The 24-hour trading volume stands at a robust $662 million, reflecting high levels of activity and interest in the asset.
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at firstname.lastname@example.org.
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