Will XRP Ever Reach $1? TD Sequential Signals Imminent Rally
At the closing of 2023, hopes among crypto traders were high when it came to XRP. While the Bitcoin (BTC)-led rally that affected the crypto market as a whole played a part in this optimism, the string of legal victories Ripple Labs achieved in its long struggle with the SEC arguably had an even greater role.
Despite this, while XRP went through a rally that briefly had it surge above $0.70 for the first time since early 2022, its performance since the start of 2024 has been far more lackluster and indeed mostly marked by stagnation and decline, causing many to wonder if the token will ever reach $1, let alone its previous all-time highs of $3 and beyond.
TD Sequential reveals XRPโs imminent rally
After offering middling performance through most of the first two months of 2024, the technical analysis (TA) relying on TD Sequential of XRPโs weekly chart flashed a buy signal on Monday, February 26, per the prominent crypto analyst Ali Martinez, who shared his findings on Twitter.
The expert also assessed that, should XRP indeed start rallying, it could skyrocket to $0.63 or even go as high as $0.65 โ approximately 20% above its press time price of $0.54.
TD Sequential is a technical analysis tool that seeks to identify whether the current trend will continue or if it will undergo an imminent reversal by analyzing an assetโs past performance.
XRP price chart
In total, the last 52 weeks of trading did see XRP rise 51.78%, but its year-to-date performance has been decidedly weaker and the token is 14.97% in the red in the time frame. The last 30 days of trading, however, did see a slight rise of 0.52%.
Finally, in the last full week of trading, XRP declined as much as 4.08%, and it also fell 1.94% in the 24 hours leading up to February 26.
Still, as the wider cryptocurrency market has again entered what appears as a bull run, with Ethereum (ETH) finding its footing above $3,000 and Bitcoin reliably staying above $50,000, as investors are increasingly eying the upcoming halving event, hopes to remain high for altcoins, memecoins, and all other types of cryptocurrencies.
Other tools of technical analysis, however, are less bullish when it comes to XRP. Based on the cryptocurrencyโs performance throughout the last 7 days, both oscillators and moving averages are decisively bearish, with the former rating XRP as a โsellโ and the latter as a โstrong sell,โ judging by data retrieved from TradingView on February 26.
The analysis provided by the platform, based on the latest 24 hours of trading, gives similar results, and XRP remains ranked as a โsellโ overall.
Hot Take: Can XRP Bounce Back?
While TD Sequential signals an imminent rally for XRP, it remains to be seen whether this will be enough for the token to reach $1 or surpass its previous all-time highs.
The crypto market is known for its volatility and unpredictability. Factors such as regulatory developments, market sentiment, and overall market conditions can all influence the price and performance of cryptocurrencies like XRP.
If XRP does experience a rally, reaching $1 or even higher is not out of the realm of possibility. However, it will depend on various factors and market dynamics.
As an investor, itโs important to stay informed about the latest news and developments surrounding XRP and the crypto market as a whole. Keep an eye on technical analysis indicators like TD Sequential, but also consider other factors that can impact the price of XRP.
Remember that investing in cryptocurrencies carries risks, and itโs always wise to do your own research and consult with a financial advisor before making any investment decisions.
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