XRP Army on Alert as Another Key Indicator Flashes Green

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TL;DR

  • Ripple’s native token has suffered quite a bit following its all-time high last month, but the number of indicators suggesting that the price is about to explode continues to grow.
  • The asset also closed bullish against BTC yesterday, which could be another catalyst for future gains, especially if bitcoin’s dominance continues to decline.
XRPUSD. Source: TradingView
XRPUSD. Source: TradingView

In our article from yesterday, we reported that the TD Sequential metric, which showcases whether a market move has reached a point of exhaustion in either direction and is ready for a reversal, had painted a buy signal. The indicator previously nailed XRP’s top, which came in mid-July when it exploded to a new ATH of $3.65.

Today’s good news for the XRP Army comes from the same metric, but on a lower timeframe. Ali Martinez, who often bases his analysis on the TD Sequential, noted this time that the hourly chart has presented a buy signal as well.

XRP’s price dipped to a three-week low yesterday of $2.81 (on Bitstamp) after it recently lost the coveted $3.00 support line. Although there were signs that the asset could fall to as low as $2.10 if this correction continues, Martinez now seems confident that Ripple’s token has reversed its trajectory.

CRYPTOWZRD also touched upon XRP’s most recent price moves. However, the analyst focused on the asset’s performance against BTC instead of the greenback, noting that XRP actually closed bullish compared to the market leader.

They added that Ripple’s cross-border payments token should see “further upside momentum” against bitcoin, especially as the latter’s dominance continues to decline. The metric lost 0.5% in just one day on CoinGecko, going from 57.9% to 57.4%.

However, CRYPTOWZRD also outlined the significance of the $3.02 level, which used to serve as solid support and has now turned into a resistance line XRP has to overcome in order to resume its rally.

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