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Home Cryptocurrency news Ripple

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

Tony Spilotro by Tony Spilotro
9 months ago
in Ripple, Cryptocurrency news, Technical analysis
Reading Time: 3min 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.

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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.

Tags: bitcoincryptoRippleTD SequentialxrpXRPBTCXRPUSDxrpusdt
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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