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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

XRP Buy Signal That Resulted In 60% Rally Has Gone Off Again

Keshav Verma
Keshav Verma
1 year ago
3 mins read
XRP

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An analyst has explained that XRP has just witnessed a buy signal on its 3-day chart. The last time the pattern appeared, the asset’s price rallied almost 60%.

XRP Has Recently Formed A TD Sequential Buy Setup

In a new post on X, analyst Ali pointed out how the XRP 3-day chart is showing a TD Sequential buy signal currently. The “Tom Demark (TD) Sequential” is an indicator in technical analysis that’s generally used for locating points of probable reversal for any asset’s price.

This metric is made up of two phases: the setup and countdown. In the former, candles of the same polarity are counted up to nine, and following the ninth candle, the asset can be assumed to have hit a likely point of change of direction.

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If the candles leading up to the setup’s completion were green, then the price might have hit a top, and a reversal towards the downside may have occurred. Similarly, red candles can suggest a bottom formation.

Once the setup is finished, the 13-candles long countdown phase begins. At the end of these thirteen candles, another probable top or bottom can be assumed to have been hit by the price.

XRP recently finished the former type of phase for the TD Sequential on its 3-day price, as the chart shared by the analyst below shows:

XRP TD Sequential

The pattern that has recently formed in the 3-day price of the cryptocurrency | Source: @ali_charts on X

As is visible in the graph, the TD Sequential setup has been completed with nine red candles for XRP recently. Naturally, this suggests that a bottom may have now formed for the asset.

“The TD Sequential has proven its accuracy in forecasting XRP’s movements on the 3-day chart,” says Ali. “Currently, it’s showing a buy signal, suggesting that XRP could be gearing up for a rebound.”

In the chart, the analyst has also highlighted what happened the last two times such a buy setup appeared for the asset. It would appear that the last bullish TD Sequential signal led to a rally of almost 60% for the asset, while the signal before that one resulted in a price appreciation of more than 111%.

If a surge similar to the former happens from the current spot price of the cryptocurrency, the asset will rally towards the $0.81 mark. At the same time, a rally on the scale of the latter would mean a break beyond the $1 level.

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Obviously, any price rise that may emerge from the latest TD Sequential buy setup doesn’t necessarily have to be similar to either of these surges. Nonetheless, these rallies still provide perspective on just how powerful the signal has proven to be for the cryptocurrency in the past few months.

XRP Price

XRP has extended its decline during the past day as its price has dropped another 4% towards the $0.508 level.

XRP Price Chart

Looks like the price of the coin has taken a plunge during the last day | Source: XRPUSD on TradingView
Featured image from Shutterstock.com, charts from TradingView.com
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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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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