XRP Forms Buy Signal, Analyst Predicts Surge To This Target

Keshav Verma

1 year ago

3 mins read

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An analyst has explained that the XRP price has formed a buy signal that may lead to the cryptocurrency surging up to this target.

XRP Weekly Price Has Formed A TD Sequential Buy Setup

In a new post on X, analyst Ali discussed how the weekly price of XRP has recently shown a TD Sequential buy signal. The “Tom Demark (TD) Sequential” refers to an indicator in technical analysis that’s generally used for pinpointing locations of probable tops and bottoms for any commodity’s price.

The TD Sequential has two phases. In the first phase, called the setup, candles of the same polarity are counted up to nine. Once these nine candles are in, the indicator gives a signal of reversal for the asset. Naturally, the direction in which such a reversal would go depends on the type of candles that lead to the setup’s completion.

If green candles resulted in the setup’s formation (that is, the prevailing trend was to the upside), the price could be assumed to have run into a probable top. Similarly, red candles would imply a likely bottom may have now been hit by the asset.

The second phase, the countdown, begins once the setup is done. It works very much like the setup, except for the fact that it lasts for thirteen candles instead of nine. Once the countdown is also over, the price could be considered to have attained another point of probable reversal. This time around, the XRP 7-day price has formed a TD Sequential pattern similar to the former.

Below is the chart shared by Ali that shows this setup that has appeared for the asset:

The TD Sequential buy setup that has appeared for the cryptocurrency recently | Source: @ali_charts on X

As displayed in the graph, the XRP weekly price finished the TD Sequential setup with nine red candles recently. This would imply that the indicator has given a buy signal for the coin.

It would also appear that the indicator’s effect might already be in action, as the cryptocurrency has been heading up overall since it completed the buy setup.

“If XRP manages a sustained weekly close above $0.57, it could be the catalyst for a push toward $0.63 or even higher, reaching $0.65,” says the analyst. From the current price of the asset, such a potential run towards $0.65 would mean an increase of more than 22% for the coin.

XRP Price

XRP has had a poor last week as the asset is down 5% over the period, with its price dropping to the $0.53 level. This means that the asset is still far from the $0.57 threshold the analyst pointed out as a possible bullish catalyst.

The chart below displays how the cryptocurrency has performed recently:

Looks like the price of the coin has been struggling in recent days | Source: XRPUSD on TradingView

Featured image from Shutterstock.com, charts from TradingViewc.om

Keshav Verma

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

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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