XRP Army Beware: Trusted Technical Indicator Warns About a Ripple Price Crash
Ripple’s native token has been performing rather well in the past few weeks, especially since it bounced from the low marked during the massive correction on October 10 that was almost mimicked, but to a less painful extent, a week later.
XRP reclaimed the fourth spot in terms of market cap after surging by double-digits weekly. However, popular crypto analyst Ali Martinez noted that the trend might be on the verge of a reversal.
He based his analysis on the TD Sequential technical tool, which is used to determine the market exhaustion of the underlying asset in either direction.
In a recent video, the analyst with over 160,000 followers on X outlined the indicator’s success when it had previously flashed a buy or sell signal for XRP in particular.
The first example he provided was on July 22, just days after the asset broke its 2018 ATH of $3.6 and recorded a new one at $3.65. Once the TD Sequential flashed a sell signal, though, XRP nosedived by 24% in the next few days. A 17% pullback transpired after a sell signal seen on August 17, and a 13% drop occurred after another such sign on August 23.
In contrast, a buy signal on September 23 was followed by a 12% increase, and another one on October 22 resulted in a 14% surge that pushed XRP beyond $2.60 for the first time in weeks.
Although history doesn’t guarantee future price performances, it’s worth observing the current sell signal given the metric’s accuracy with XRP. Additionally, whales have been disposing of substantial quantities of the token, which could also enhance the selling pressure.
For now, though, the asset maintains a solid price tag above $2.60 even as the rest of the market pulled back in the past day. However, more volatility is expected later today as the US Fed will announce its interest rate decision.
The post XRP Army Beware: Trusted Technical Indicator Warns About a Ripple Price Crash appeared first on CryptoPotato.
You May Also Like
Chainlink and Sooho․IO Power Korea’s Stablecoin FX Innovation Under Project Namsan
Dr. Eric Esrailian’s Approach To Impact
