XRP buy signal screams after perfect top call - moon next?
As the majority of assets in the cryptocurrency market continue to backtrack on their gains from the week before, XRP has flashed a ‘buy’ signal after perfectly timing the top, suggesting it may have regained some of the necessary strength for a powerful recovery.
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Indeed, prominent crypto trading analyst Ali Martinez has observed that the TD Sequential indicator is flashing a ‘buy’ signal for the third-largest crypto asset by market capitalization, after perfectly timing the top, according to an analysis he shared in an X post on August 20.
Specifically, this implies that XRP is at or near a local bottom, which makes the probability of an upward move higher, as XRP seems to have exhausted its downtrend. The last time the signal flashed at the top, it correctly anticipated a selloff. Now, with the ‘buy’ signal, Martinez believes XRP is likely to bounce.
As a reminder, XRP has drawn battle lines between $2.65 and $3.65, but it has lost the fight with the $3 price level, with pseudonymous crypto trading analyst Egrag pointing out that closing below $2.90 in the 4-hour time frame with a full body candle could lead it down to $2.65.
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Is a rally in store?
That said, XRP’s earlier run past the $3 mark for the first time since late July had set its sights for a new all-time high (ATH) at $3.65, its rally triggered by the favorable developments in the long-running courtroom standoff between Ripple and the United States Securities and Exchange Commission (SEC).
Meanwhile, XRP was at press time changing hands at the price of $2.87, indicating a decline of 4.71% in the last 24 hours, adding up to the 12.42% drop across the previous seven days and a loss of 19.09% on its monthly chart, according to the latest data.
If Martinez is correct and XRP manages to turn the tide and regain the $3, then there’s a strong chance it might, indeed, break its previous price record of $3.65 and move further upwards, perhaps even to the impressive $7 price level it had previously eyed before threatening to crash down to $2.60 or even $2.
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