Analyst Predicts Potential Upsurge for XRP

Seller fatigue, as indicated on XRP's weekly chart, hints at a potential upcoming upswing.

Azcnews

Analyst Ali Martinez suggests a potential upward movement for Ripple (XRP), with a target ranging between $0.63 and possibly reaching $0.65. Martinez shared this viewpoint in a post on X, attributing it to observations from the Tom DeMark (TD) Sequential.

However, this optimistic outlook comes with a condition, as per Martinez. XRP must close above $0.57 for the prediction to be considered valid. The TD Sequential, used to identify bullish or bearish exhaustion with a 6 to 9-count price bar, indicated seller fatigue in XRP’s case, signaling a potential bullish reversal with red bars on the charts.

Despite this positive interpretation, the 4-hour timeframe depicted a bearish scenario, particularly near the $0.53 support level. If buyers fail to curb the selling pressure, XRP’s price could experience a short-term decline to $0.52. Additionally, insights from the Relative Strength Index (RSI) indicated previous unsuccessful attempts to sustain a bullish momentum.

The decisive factor for XRP lies in demand, acting as the catalyst for potential movements. Should the RSI reading witness a further decline, there’s a possibility of the token sliding down to $0.50. However, maintaining at least $0.54 or surpassing the $0.55 resistance level could propel the price back to $0.57, a zone of notable demand.

A breakthrough above $0.57 becomes pivotal, potentially paving the way for XRP to reach $0.63. Conversely, if XRP faces rejection at $0.55, it might consolidate within the $0.52 to $0.54 range.

Related: Former Ripple Director’s Timelines for First XRP ETF

Meanwhile, signals from the Awesome Oscillator (AO) align with a downward trend, transitioning from a positive to a negative region. Continued appearance of red histogram bars could signify a downward trajectory for the token.

In an extremely bearish scenario, where XRP falls below $0.57, a potential retest of $0.48 may occur. Conversely, a highly bullish condition increases the likelihood of a trendline breakout, potentially propelling XRP towards $0.65.

4.0/5

(4 votes)
  1. Avatar of Shamsu
    Shamsu

    You have

  2. Avatar of Iscriviti a binance
    Iscriviti a binance

    Can you be more specific about the content of your article? After reading it, I still have some doubts. Hope you can help me.

Comments are closed.

Latest

Pepe Surges 75% In 24 Hours Following Coinbase Listing

News | Altcoin | Editor Choice | Memecoin

PEPE Surges 75% in 24 Hours Following Coinbase Listing

PEPE price has surged in the past 24 hours, after the largest exchange in the United States, Coinbase, announced the listing of this meme coin, and Robinhood also integrated PEPE into the platform.

Binance Announces Listing Of Usual On Launchpool And Pre Market

News | Altcoin | Editor Choice

Binance Announces Listing of USUAL on Launchpool and Pre-market

Binance has announced the listing of Usual as its 61st launchpool project. This is also the second project to be listed on Binance Pre-Market, following Scroll.

Blackrock Expands Rwa Market Share To Aptos, Arbitrum, Avalanche, Optimism, And Polygon

News | Editor Choice

BlackRock Expands RWA Market Share to Aptos, Arbitrum, Avalanche, Optimism, and Polygon

BlackRock USD Institutional Digital Liquidity (BUIDL) continues to expand its market share by entering four additional networks: Aptos, Arbitrum, Avalanche, Optimism, and Polygon.

Azcnews Act Memecoin On Solana Surges Nearly 3000% In A Short Period

News | Altcoin | Editor Choice | Memecoin

ACT Memecoin on Solana Surges Nearly 3000% in a Short Period

Memecoin Act I The AI ​​​​Prophecy has seen a huge price surge of nearly 3000% in the past 7 days, bringing huge profits to investors who believe in this coin.

Azcnews Bitcoin Price Drops After Reaching Ath As Investors Take Profits

News | Bitcoin | Editor Choice

Bitcoin Price Drops After Reaching ATH as Investors Take Profits

Bitcoin rose to a high of $93,000 before correcting to its current price. The decline may have been caused by investors taking profits.