An Analyst Identifies a Buy Signal for XRP on Weekly Chart
An analyst named Ali has recently discussed a buy signal forming in the weekly price of XRP. The signal is based on the Tom Demark (TD) Sequential indicator, which is used to identify potential reversal points for an asset’s price.
The TD Sequential indicator consists of two phases: the setup and the countdown. During the setup phase, candles of the same polarity are counted up to nine. If the setup completes with nine green candles, it suggests a bearish trend, while red candles indicate a buy signal.
The countdown phase lasts for thirteen candles and can lead to another price reversal. The TD Sequential setup phase has recently been completed for XRP, indicating a potential uptrend.
XRP Continues to Decline in 2024
XRP started the year with a sharp decline and has been unable to recover since then. The cryptocurrency’s price has continued to head downward, following the negative trend set at the beginning of the year.
Despite a brief relief rally during the Bitcoin spot ETF approval, XRP couldn’t sustain its gains as investors started selling the news. Currently, XRP is trading around $0.50, down nearly 18% year-to-date.
Hot Take: XRP Could Experience an Uptrend
Based on the recent buy signal identified by the TD Sequential indicator, XRP may be poised for an upswing lasting one to four weeks. This could potentially reverse its downward trend and lead to a positive price movement in the near future.
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