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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

A “TD9” Sell Indicator Triggers For XRP After 6 Weeks of Stagnance

Tony "The Bull" Severino
Tony "The Bull" Severino
1 year ago
3 mins read

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XRP continues to lag behind the rest of the market after a short-lived glimmer of hope brought prices to current levels in late July. And while crypto analysts expect the fourth-ranked cryptocurrency to outperform Bitcoin and Ethereum eventually, a sell setup has triggered on daily timeframes that could send Ripple ripping lower.

TD 9 Sell Setup Triggers On Daily XRP Charts After Barely Any Upside

There are hundreds of technical analysis indicators available to analysts and traders – some are new and custom; while others have been around for decades and were built by financial market icons.

One such tool, the TD Sequential indicator, is among the most accurate across all of crypto, created by market timing wizard Thomas Demark.

Related Reading | XRP Up-Move To Leave Bitcoin And Tether Traders “Sidelined”

It has successfully sniped several Bitcoin tops and bottoms and works just as well in altcoins and traditional markets. The indicator gives a sell setup after a series of candle closes meeting a specific sequence of requirements.

xrp daily td 9

XRPUSD Daily TD Sequential "TD 9" Sell Setup Triggered | Source: TradingView

Typically, a sell setup comes after a string of upside. In XRP, however, there’s been just enough upside to trigger a TD 9 sell setup, but only barely.

Most of the price action in XRPUSD has been sideways on both the daily and weekly charts. The lack of a strong push higher has resulted in what is referred to as an “imperfect” setup.

Only when a higher high is set on the 8 or 9 candles, is the setup considered “perfected.”

Weekly Ripple Charts Shows A Slow Trickle Of Sideways Trading Range

Although there’s enough upside in daily price charts to trigger the sell setup, zooming out to weekly timeframes shows just how stagnant XRP has been trading.

There have now been a total of six weekly candles where the body of the candle closed within a 6% range. Typically, when assets trade sideways for an extended period of time, a large, decisive move results.

xrp weekly tight range

XRPUSD Weekly Tightening Trading Range  | Source: TradingView

A strong move to the upside would complete an inverse head and shoulders pattern on weekly timeframes, and begin forming an even larger right shoulder on monthly timeframes as well.

Related Reading | XRP: Three Heads Are Better Than One, But Could Mean No New ATH Until 2023

The one thing standing in the way, for now, is this TD 9 sell setup on the daily, which could very well be the start of a deeper correction. Due to the extended sideways, and imperfect sell setup, however, a move higher cannot be ruled out.


Featured image from Deposit Photos, Chats from TradingView
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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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