XRP Buy Signal That Resulted In 60% Rally Has Gone Off Again
23 Januar 2024 - 5:00PM
NEWSBTC
An analyst has explained that XRP has just witnessed a buy signal
on its 3-day chart. The last time the pattern appeared, the asset’s
price rallied almost 60%. XRP Has Recently Formed A TD Sequential
Buy Setup In a new post on X, analyst Ali pointed out how the XRP
3-day chart is showing a TD Sequential buy signal currently. The
“Tom Demark (TD) Sequential” is an indicator in technical analysis
that’s generally used for locating points of probable reversal for
any asset’s price. This metric is made up of two phases: the setup
and countdown. In the former, candles of the same polarity are
counted up to nine, and following the ninth candle, the asset can
be assumed to have hit a likely point of change of direction.
Related Reading: Ethereum Futures Market Cool Off Sets Stage For
ETH To Rally: Quant If the candles leading up to the setup’s
completion were green, then the price might have hit a top, and a
reversal towards the downside may have occurred. Similarly, red
candles can suggest a bottom formation. Once the setup is finished,
the 13-candles long countdown phase begins. At the end of these
thirteen candles, another probable top or bottom can be assumed to
have been hit by the price. XRP recently finished the former type
of phase for the TD Sequential on its 3-day price, as the chart
shared by the analyst below shows: The pattern that has recently
formed in the 3-day price of the cryptocurrency | Source:
@ali_charts on X As is visible in the graph, the TD Sequential
setup has been completed with nine red candles for XRP recently.
Naturally, this suggests that a bottom may have now formed for the
asset. “The TD Sequential has proven its accuracy in forecasting
XRP’s movements on the 3-day chart,” says Ali. “Currently, it’s
showing a buy signal, suggesting that XRP could be gearing up for a
rebound.” In the chart, the analyst has also highlighted what
happened the last two times such a buy setup appeared for the
asset. It would appear that the last bullish TD Sequential signal
led to a rally of almost 60% for the asset, while the signal before
that one resulted in a price appreciation of more than 111%. If a
surge similar to the former happens from the current spot price of
the cryptocurrency, the asset will rally towards the $0.81 mark. At
the same time, a rally on the scale of the latter would mean a
break beyond the $1 level. Related Reading: Bitcoin Puell Multiple
At Crucial Juncture: Will Retest Save Rally? Obviously, any price
rise that may emerge from the latest TD Sequential buy setup
doesn’t necessarily have to be similar to either of these surges.
Nonetheless, these rallies still provide perspective on just how
powerful the signal has proven to be for the cryptocurrency in the
past few months. XRP Price XRP has extended its decline during the
past day as its price has dropped another 4% towards the $0.508
level. Looks like the price of the coin has taken a plunge during
the last day | Source: XRPUSD on TradingView Featured image from
Shutterstock.com, charts from TradingView.com
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