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 votes)

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

Ripple Vs Sec Lawsuit May Be Reaching Its Final Chapter

News | Altcoin | Editor Choice | Policy & Regulations

Ripple vs SEC Lawsuit May Be Reaching Its Final Chapter

The lawsuit between Ripple and the SEC is approaching a settlement, as Judge Torres is expected to approve the latest joint motion submitted by both parties.

Trump Coin Faces 40% Crash Risk Ahead Of $500 Million Token Unlock

News | Editor Choice | Memecoin

Trump Coin Faces 40% Crash Risk Ahead of $500 Million Token Unlock

Trump Coin faces the risk of a sharp 40% drop as technical patterns flash bearish signals, with the market bracing for a $500 million token unlock in mid-July.

Sharplink Gaming Shares Plunge 73% Amid Eth Purchase Rumors

News | Altcoin | Editor Choice

Sharplink Gaming Shares Plunge 73% Amid ETH Purchase Rumors

As Sharplink Gaming prepares for a $1 billion Ethereum purchase, its stock unexpectedly plunged 73% due to market misinterpretation of the company’s share registration filing.

Sec Continues To Delay Review Of Dogecoin, Hedera, And Avalanche Etfs

Altcoin | Editor Choice | Policy & Regulations

SEC Continues to Delay Review of Dogecoin, Hedera, and Avalanche ETFs

The U.S. Securities and Exchange Commission (SEC) has once again postponed its decision on a series of spot ETFs for altcoins, a move that has become familiar in recent months.

Receive $70 For New Users On Okx

Airdrops | Editor Choice

Receive $70 for New Users on OKX

Simply deposit 500 USDT into your trading account to receive 70 USDT for new users on the OKX exchange.