Despite bullish expectations, the XRP price has stagnated for several weeks, leading to discussions and some disillusionment within its community. However, a respected analyst sees this as a buying opportunity rather than a reason to sell, suggesting a potential breakout on the horizon.
Time to Accumulate? Analyst’s Bullish Take on XRP
Top market analyst Ali Martinez shared his insights on Twitter, highlighting a technical indicator on the XRP weekly chart that suggests a potential buy signal.
The TD Sequential indicator signifies potential trend exhaustion and price reversals, and in this case, it might be pointing towards a significant upward trend for XRP in the coming weeks.
According to Ali’s estimation, this bullish sentiment could last for 1-4 weeks, offering a window for potential gains. XRP has experienced a steep decline since its surge in early November. However, the chartist believes XRP has come to the end of this phase, with a surge on the horizon.
— Ali (@ali_charts) February 6, 2024
While lagging behind the parabolic growth of competitors like Solana, XRP could see renewed interest and accumulation based on this analysis. This would be a welcome change for XRP holders who have held on while the asset underperformed.
Early Signs of Recovery
XRP is already showing some positive signs, with its price and market capitalization increasing by over 2% in the last 24 hours, reaching $0.5165 and $28.1 billion, with XRP still at #6. Its trading volume is also up by 11.44% over the last 24 hours.
These initial signs of recovery align with Ali’s technical analysis, further fueling the speculation of a potential bullish trend. The increased trading volume shows interest in the digital asset, which could aid its upward momentum.
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— TimesTabloid (@TimesTabloid1) July 15, 2023
What’s Next for XRP?
After weeks of stagnation, the community finally has some hope, as XRP might be poised for a breakout based on the buy indicator by Ali on the weekly chart. Early signs of recovery suggest possible upward movement in the coming weeks.
However, Ali’s analysis is based on technical indicators and market sentiment, and these cannot completely guarantee future performance. Market conditions can be volatile, and investors should understand and prepare for potential risks.
XRP’s performance compared to competitors will remain a point of contention as the community prepares for the potential bull run. Thousands of traders are closely monitoring XRP’s development, and it could soon reclaim the position it lost to Solana in December.