Crypto expert identifies ‘sell signal’ on XRP chart
As the majority of the cryptocurrency market turns into a sea of red, the price of XRP has not been spared and the token’s price has dropped over 6% in the past 24 hours.
Given the fall, crypto trading expert Ali Martinez highlighted in its technical analysis (TA) on October 11 that XRP could show a “sell signal” based on the TD Sequential. As a result, the token may correct below $0.40.
Martinez said:
“TD Sequential presents a sell signal on XRP 3-day chart, expecting a correction to $0.42 or even $0.39.”
Specifically, the TD Sequential instrument is intended to find the exact moment of trend exhaustion and price reversal. It is a countertrend tool that seeks to overcome the problem of various TA indicators performing well in trending markets but poorly in streak markets.
Notably, Finbold had earlier reported a breach of the $0.384 support level would show inherent buyer weakness and tip the odds in favor of bears. Such a move could cause the XRP price to return to the $0.36 support level.
XRP Price Analysis
Currently, XRP is trading at $0.4819, down 6.69% in the last 24 hours, according to data obtained by Finbold from CoinMarketCap. In the last week, XRP is still up 2.47%, with a market cap of $21.1 billion.
Interestingly, the token had risen nearly 60% in the last month before the latest pullback, as the token’s parent company Ripple continues to be embroiled in a legal dispute with the Securities Exchange Commission (SEC).
Regardless of the decision reached in the lawsuit with the SEC, it is likely that XRP will benefit from Ripple’s continued network adoption to facilitate international payments. Already, XRP is used by financial institutions to drive transactions at a rate of 2%.
At the same time, Ripple Labs has been working hard to expand the scope of its services, which is one of the reasons why the firm is now ranked among the top 250 Fintech companies.
Given the fact that the future is still full of unpredictability, XRP is expected to trade at a median price of $0.4166 by October 31, 2022, according to a forecast made by the cryptocurrency community at CoinMarketCap.
Disclaimer: The content of this page should not be considered investment advice. Investment is speculative. When you invest, your capital is at risk.
