XRP before the breakout: Analyst sees “strong buy signal”
- “XRP is showing a strong buy signal,” writes analyst Ali Martinez, known on X, in a post.
- The basis for his recommendation is the so-called TD Sequential. This indicator measures exhaustion tendencies in price movements. According to Martinez, XRP has recently formed a pattern that has often indicated a trend reversal in the past.
- Ripple's cryptocurrency has come under significant pressure in recent days. After reaching a weekly high of $3.20, the price fell back to just below the $3 mark. According to Martinez, however, this could be a classic “buy the dip” opportunity.
- Other analysts partially support this assessment. Trader ERGAG CRYPTO emphasized that XRP is “ready for a breakout” as long as the price doesn't close below $3 on a daily or three-day basis. Should this happen, a decline towards $2.90 is imminent.
- At the time of writing, XRP is trading at $2.97 – a slight drop of 0.3 percent compared to the previous day.
- Investors are pinning hopes on the launch of various Ripple ETFs on Wall Street that could propel the price back toward its all-time high of $3.84. The first index fund has already broken records.
- Accordingly, interest in a Ripple ETF is high among providers. Currently, around 20 other ETFs are still awaiting approval. However, major names like Fidelity or BlackRock are missing.
- Beyond the technical charts, the network behind XRP continues to grow. Data from XRPScan shows that the number of active accounts on the XRP Ledger has now exceeded the seven million mark. Each of these accounts holds at least one unit of XRP. Observers see this as an indication of increasing usage and growing adoption.
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Sources
- X-Post Ali Martinez
- X-Post EGRAG Crypto
- XRPL data
