XRP Buy Signal Goes Off, Analyst Says This Is How Long Uptrend Will Last

Name	Symbol	Market	Market Cap ($)	Algorithm
Dogecoin	DOGEUSD	Crypto	19,329,826,745	Scrypt

Name

Symbol

Market

Market Cap ($)

Algorithm

Dogecoin

DOGEUSD

Crypto

19,329,826,745

Scrypt

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.00096	0.72%	0.13517	0.13514	0.13518

Price Change

Price Change %

Current Price

Bid Price

Offer

0.00096

0.72%

0.13517

0.13514

0.13518

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.13591	0.13288	0.13383	0.13421	0.055786 - 0.228990

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.13591

0.13288

0.13383

0.13421

0.055786 - 0.228990

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	12:47:17	734.90	0.13517	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

12:47:17

734.90

0.13517

USD

Price x Volume	Volume	Base Symbol	Related Pairs
9,852,484.38	73,424,812.70	DOGE	DOGEEUR	DOGEGBP	DOGEBTC

Price x Volume

Volume

Base Symbol

Related Pairs

9,852,484.38

73,424,812.70

XRP Buy Signal Goes Off, Analyst Says This Is How Long Uptrend Will Last

07/02/2024 1:00am

NEWSBTC

An analyst has recently explained how a buy signal has formed for XRP on its weekly chart, which could lead to an uptrend lasting for this long. XRP Has Observed A TD Sequential Buy Signal Recently In a new post on X, analyst Ali discussed a buy signal forming in the weekly price of XRP. The relevant indicator is the “Tom Demark (TD) Sequential,” a technical analysis tool for pinpointing probable reversal points for any asset’s price. This indicator is made up of two phases. The first phase is called the “setup” and lasts nine candles. During this phase, candles of the same polarity are counted up to nine, and following the ninth candle, the commodity can be assumed to have hit a top or bottom. Related Reading: XRP, SOL Among Coins With Red Sentiment, Time To Buy Against Crowd? If the setup’s completion occurred with nine green candles (the prevailing trend was bullish), then the indicator would suggest a switch toward the bearish direction. Similarly, red candles would imply a buy signal for the asset. The second phase in the TD Sequential is the “countdown,” which works just like the setup except that it lasts for thirteen candles. After these thirteen candles, another price reversal may have occurred. The TD Sequential phase of the former type has been completed for XRP recently. Here is the chart shared by the analyst that shows the TD Sequential setup forming in the weekly price of the cryptocurrency: Looks like the phase has finished with nine red candles for the asset recently | Source: @ali_charts on X The graph shows that this TD Sequential setup in the cryptocurrency’s 7-day price has formed with red candles, as the coin’s price has been struggling recently. The historical pattern could imply that the asset may have now hit a probable bottom point. Ali suggests XRP “is poised for an upswing lasting one to four weeks.” XRP Has Continued To Go Down Since The Year Has Kicked Off The year 2024 began for XRP with a sharp move down, from which the asset still hasn’t been able to recover as its price has continued to head downward, staying in line with the tone set by the poor start. The below chart shows how the coin has performed over the last three months. The price of the coin appears to have been going down during the last few weeks | Source: XRPUSD on TradingView A brief relief rally came for XRP around the time of the Bitcoin spot ETF approval, but just like it had played out in the broader sector, this surge also couldn’t last long as investors took to selling the news. Related Reading: Dogecoin Trounced: Chainlink’s 34% Jump Kicks DOGE Out Of Top 10 List After all the downtrend since then, the cryptocurrency is now trading around the $0.50 mark, down almost 18% year-to-date. Featured image from Shutterstock.com, charts from TradingView.com

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DOGEUSD Dogecoin