Well-known market analyst Ali recently tweeted that the TD Sequential indicator has given a buy signal for Ripple’s XRP on the 12-hour chart. The analyst informed the crypto community that the buy signal could push XRP’s price toward $0.45 if validated.
Notably, the analyst has identified a potential buy signal for XRP using the TD Sequential indicator via his official Twitter thread:
#Ripple | The TD Sequential presents a buy signal on $XRP 12-hour chart. If validated, it could propel #XRP toward $0.45. pic.twitter.com/Ga8JEUqB4V
— Ali (@ali_charts) May 10, 2023
The TD Sequential is a popular technical analysis tool that helps traders identify potential buying and selling opportunities. It works by analyzing the price movement of an asset over a certain period and providing a signal when the price is likely to reverse its trend.
According to Ali, XRP’s buy signal on the 12-hour chart is a bullish sign for the digital asset. The signal suggested that XRP’s recent price drop might have reached a point of exhaustion, and a reversal toward a higher price point could be in the works.
At the time of writing, XRP is trading at $0.42 and looks to be consolidating above the psychological level of $0.35. The 12-hour chart shows that Ripple’s digital asset forms a symmetrical triangle pattern, which suggests a potential breakout in either direction. With the TD Sequential buy signal in play, it seems as though a bullish breakout is more likely to occur.
On the downside, if XRP fails to validate the buy signal and breaks below the triangle pattern, it could plunge toward $0.32 or even lower.
In conclusion, the recent buy signal on XRP’s 12-hour chart has caught the attention of many investors. It has the potential to increase the price of XRP significantly to around $0.45. As always, investors should exercise caution in their research before making any investment decisions.
