Although the larger part of the cryptocurrency sector is trading in the red this week, the temporary setback might represent a massive opportunity to accumulate some of its assets, particularly XRP, which seems to getting ready to start an upsurge lasting at least one week.
As it happens, XRP’s TD Sequential indicator, which generally points at potential trend reversals and continuation patterns, is signaling a ‘buy’ on the weekly chart for this cryptocurrency, as per the analysis shared by crypto trading expert Ali Martinez in an X post published on February 6.
Indeed, according to the renowned crypto analyst’s observations, such a chart pattern context suggests that XPR is preparing for an “upswing lasting one to four weeks.” Hence, this might be an ideal time to buy before the price inevitably increases.
XRP price action analysis. Source: Ali Martinez
XRP price analysis
As things stand, the XRP token is currently changing hands at $0.503, recording a decline of 0.49% in the last 24 hours, adding up to the 5.95% drop in the last seven days and a loss of 11.23% on its monthly chart, according to the price data retrieved on February 6.
XRP 24-hour price chart. Source: Finbold
In conclusion, the TD Sequential, which has proven to be relatively precise in detecting upcoming trends, at least in the case of the popular dog-themed meme crypto asset Shiba Inu (SHIB), might indeed provide an early alert of an upcoming XRP surge and, therefore, allow the early birds to reap some profit.
That said, the price of XRP might feel the effect of other factors, such as the developments in the courtroom standoff between Ripple and the United States Securities and Exchange Commission (SEC), which is why it is important to keep up with the industry news and carry out one’s own research before investing.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
