XRP Forms Buy Signal, Analyst Predicts Surge To This Target
February 26 2024 - 2:00PM
NEWSBTC
An analyst has explained that the XRP price has formed a buy signal
that may lead to the cryptocurrency surging up to this target. XRP
Weekly Price Has Formed A TD Sequential Buy Setup In a new post on
X, analyst Ali discussed how the weekly price of XRP has recently
shown a TD Sequential buy signal. The “Tom Demark (TD) Sequential”
refers to an indicator in technical analysis that’s generally used
for pinpointing locations of probable tops and bottoms for any
commodity’s price. The TD Sequential has two phases. In the first
phase, called the setup, candles of the same polarity are counted
up to nine. Once these nine candles are in, the indicator gives a
signal of reversal for the asset. Naturally, the direction in which
such a reversal would go depends on the type of candles that lead
to the setup’s completion. Related Reading: SingularityNET (AGIX)
Rallies 128% As On-Chain Activity Heats Up If green candles
resulted in the setup’s formation (that is, the prevailing trend
was to the upside), the price could be assumed to have run into a
probable top. Similarly, red candles would imply a likely bottom
may have now been hit by the asset. The second phase, the
countdown, begins once the setup is done. It works very much like
the setup, except for the fact that it lasts for thirteen candles
instead of nine. Once the countdown is also over, the price could
be considered to have attained another point of probable reversal.
This time around, the XRP 7-day price has formed a TD Sequential
pattern similar to the former. Below is the chart shared by Ali
that shows this setup that has appeared for the asset: The TD
Sequential buy setup that has appeared for the cryptocurrency
recently | Source: @ali_charts on X As displayed in the graph, the
XRP weekly price finished the TD Sequential setup with nine red
candles recently. This would imply that the indicator has given a
buy signal for the coin. It would also appear that the indicator’s
effect might already be in action, as the cryptocurrency has been
heading up overall since it completed the buy setup. Related
Reading: Polygon Could See Bull Rally To $1.73 If This Happens:
Analyst “If XRP manages a sustained weekly close above $0.57, it
could be the catalyst for a push toward $0.63 or even higher,
reaching $0.65,” says the analyst. From the current price of the
asset, such a potential run towards $0.65 would mean an increase of
more than 22% for the coin. XRP Price XRP has had a poor last week
as the asset is down 5% over the period, with its price dropping to
the $0.53 level. This means that the asset is still far from the
$0.57 threshold the analyst pointed out as a possible bullish
catalyst. The chart below displays how the cryptocurrency has
performed recently: Looks like the price of the coin has been
struggling in recent days | Source: XRPUSD on TradingView Featured
image from Shutterstock.com, charts from TradingViewc.om
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