Cryptocurrency XRP has seen a rebound this year after a disappointing 2022. Recently, crypto trading expert Ali Martinez identified potential bullish move for XRP in a 12-hour chart. According to Martinez's analysis, XRP could jump as high as $0.45 if the buy signal is validated. The TA Martinez presented is based on the TD Sequential, which is a counter-trend instrument designed to address some of the challenges faced by many other TA indicators.
At the time of writing, XRP is trading at $0.43, down by 0.3% in the last 24 hours. The sixth-biggest cryptocurrency by market cap has dropped by 8% over the last week, yet it's still up by 25% year-to-date. XRP's current support level is identified at $0.39, and the resistance at $0.45, which could be breached if the buy signal gets validated. With a market cap of $22 billion, according to data from Finbold, XRP saw a 20% price surge earlier this year in connection with an update in Ripple's lawsuit against the US Securities and Exchange Commission.
The technical analysis gauges on TradingView show bearish sentiment for XRP. Out of the 11 indicators, 3 suggest buying the cryptocurrency, 8 point to neutrality and only 1 stands for strong selling. Moving averages are the ones that provide the negative sentiment, grading XRP as 'Strong Sell' at 12. Oscillators, however, are less bearish, with the indicator displaying a 'Neutral' rating at 8.
Investors should do their own research and follow security measures to make informed decisions when investing in crypto assets. Please be aware that investing has inherent risk, and the value of assets can increase or decrease at any time.
Andrew Watson
- 2023-05-11
XRP Price Prediction - Can it Go even Higher?
Cryptocurrency XRP has seen a rebound this year of 25% and trading experts are now predicting it could jump as high as $0.45. Technical analysis gauges suggest bearish sentiment, while investors should do their own research and act responsibly when investing in crypto assets.
