Key indicator flashes green on XRP; is it time to rebound?

XRP has lingered in sideways momentum for a while now with no sign of relief, but it seems those days are coming to an end soon.

A popular crypto analyst, Ali on 23 October said TD Sequential, a critical technical indicator, has turned bullish for XRP, indicating a possible rebound may be on the horizon.

 A reversal underway 

XRP’s price has dipped significantly from its psychological $3 level which the token has managed to hold for some time.

After dropping to $2.10, XRP has not reclaimed the $3 price since it lost it on 7 October. The trend may be on the verge of turning around though.

The TD Sequential is a major trend reversal indicator that uses sequences of closing prices to predict when a price move may be about to change.

The indicator in the chart suggests that the downward XRP trend is already exhausted and a rebound is likely the next move.

However, the indicator isn’t an accurate predictor of a reversal on its own, but must be accompanied by trading volume.

Currently, the trading volume of XRP is still in the red on a 24-hour timeframe according to data from Coinmarketcap.com. 

XRP picks up steam

The prediction by Ali may be accurate because XRP is currently the best performing among the top ten crypto assets with a 4.13% gain in the last 24 hours.

The token is currently trading at $2.49, bringing it close to reaching $2.5 which is another important psychological level. 

If the momentum continues, a reclaim of the $3 price may be easily achieved. This will depend partly on the effect of CPI data which have just been released by the White House. 

If investor sentiment turns against the crypto market, the gains can easily be lost but if it’s the contrary, the price may continue to rise.