XRP has declined around 8% this week as the broader crypto market experiences volatility. Currently trading around $0.53, XRP has struggled to gain upside momentum since December. This price action has tested some investors’ patience.
Noted crypto analyst Ali just highlighted that the TD Sequential indicator is presenting a buy signal for XRP on the 3-day chart. As Ali explained, “The TD Sequential has proven its accuracy in forecasting $XRP’s movements on the 3-day chart. Currently, it’s showing a buy signal, suggesting that XRP could be gearing up for a rebound.
The TD Sequential is a technical indicator that identifies overbought/oversold conditions to forecast potential trend reversals. If followed, this signal suggests XRP may soon bounce from its recent weakness.
Looking at other metrics, the 200-day moving average currently sits around $0.58, which marks the next key resistance level if XRP does start recovering. The relative strength index (RSI) of 26 also indicates extremely oversold conditions that typically precede trend reversals.
Moreover, XRP has found reliable support around $0.46 so far, aligning with the 1.618 Fibonacci retracement level. This adds credence to the idea that current prices could represent an attractive area for buyers to re-emerge.
Doge2014 raises 500K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!
Show more +So, while the past two months have tested XRP investor conviction, various technical markers are now flashing signs of a potential bottoming. As always, crypto markets can stay irrational longer than expected. But for speculative traders with higher risk tolerance, these signals offer an intriguing opportunity to position for a recovery. Continued defense of $0.46 and move back above $0.53 would mark bullish follow through.
You may also be interested in:
- These Are the Two Possibilities for BTC Price With the Current Bitcoin Cycle
- Why Ripple’s Recovery Will Be Faster Than Anticipated, XRP Expected to Rise to This Price Level
- Why investors from Polygon (MATIC) and Tron (TRX) are buying into the new Pushd (PUSHD) presale
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
