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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

XRP Pullback Likely After Sell Setup Perfects, But Recovery Should Remain Intact

Tony "The Bull" Severino
Tony "The Bull" Severino
4 years ago
3 mins read
xrpusd xrp ripple

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XRP and the rest of the cryptocurrency market have been pumping over the weekend. However, Ripple’s recent, much-needed recovery may already be over, according to the asset perfecting a sell setup on daily timeframes.

Will the sell signal result in a reversal back into a bear trend, or will any downside simply be a pullback ahead of a greater recovery ahead?

XRP’s 12% One-Week Rally Could Correct, Following TD 9 Sell Setup

This week, as Bitcoin finally started to break free from its sideways range, the rest of the crypto market caught fire.

Decentralized finance tokens, small-cap altcoins, and Chainlink have been rallying over the last month, and the rest of the market is catching up quickly thanks to this weekend’s broader market rally.

Gains in “majors” like Ethereum, Litecoin, and XRP mounted over the weekend, taking Ripple to over 10% ROI on the week.

Related Reading | It’s Now Or Never For XRP As Technicals Indicate Pivotal Price Action

The underperforming altcoin is now up over 100% from the bottom set on Black Thursday. Performance prior to this recent pump had the asset drawing comparisons to sheep manure.

Although things have been looking brighter for the fourth-ranked cryptocurrency by market cap, a sell setup has perfected after today’s push higher. Could this be the end of Ripple’s recovery already, or will this simply be a healthy pullback?

xrpusd xrp ripple

Ripple XRPUSD Daily Price Chart TD Sequential 9 Sell Setup | Source: TradingView

Sell Setup To Be Short-Lived, More Weight Given To High Timeframe Buy Signal

On daily timeframes on XRPUSD price charts, a “9” sell setup has triggered. The setup has also been perfected by this candle rising higher than the previous day’s close.

The TD Sequential indicator has proven incredibly accurate across the crypto market for several years running. The tool is used to time potential tops and bottoms, by following a specific sequence of candle closes.

If a reversal happens before the 9 setups, the count simply begins over again. The tool has accurately called several Bitcoin tops and bottoms, along with many other altcoins.

The sell setup appearing on XRPUSD price charts could result in a correction after a 12% rally this week.

Related Reading | Three Signs That XRP Has Finally Found It’s Bear Market Bottom

Signals are given the most weight across the highest timeframes. Conflicting with this daily sell setup, have been several, higher timeframe buy setups on both USD and BTC trading pairs.

This could suggest that any corrections occur within a matter of days, while the greater underlying trend remains upward.

XRP had spent nearly 900 days in a downtrend it has recently broken free from. However, it still has plenty of catching up left to do, so this may only be the beginning of upside once this short-lived correction passes.

Ripple will first need to set its sights on re-flippening Tether from the number three rank by market cap and return the asset to the top three.

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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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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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