thecryptobasic.com
The TD Sequential indicator has spotted a new buy signal on the XRP chart amid the prevailing bearish market trend.
Over the past week, XRP faced a decline of over 8.18% in its value, succumbing to bearish pressure and settling its market value at $0.5291. The asset experienced an even more pronounced setback of 14.15% since December 23, as market participants continued to offload XRP.
However, distinguished market observer Ali Martinez has identified a buying opportunity amid the continued sell-off, pointing to a bullish signal that could indicate a potential rebound for XRP. Martinez called attention to the development in a recent post on X.
Past Buy Signals Proving True
Martinez, known for his expertise in analyzing market charts, highlighted the TD Sequential indicator and its accuracy in predicting XRP’s movements on the 3-day chart. The precision of this indicator has been established in various instances in the past eight months.
An illustrative case occurred in mid-October 2023 when XRP traded around $0.48. During this period, the indicator identified a buying opportunity via XRP’s 3-day candlestick patterns. By early November 2023, XRP had clinched a 59% gain, entering the $0.71 zone.
Similarly, the TD Sequential indicator proved its reliability again in December 2023, signaling a bearish trend for XRP. This prediction materialized, leading to a significant decline of 36% in XRP’s value.
New Buying Opportunity Spotted
Notably, the TD Sequential indicator identifies potential trend reversals or continuation patterns based on a sequence of candlestick counts.
In the current case, as Ali Martinez highlighted, the buy signal on the 3-day chart suggests that XRP may be poised for an upward movement soon.
In other words, XRP’s market value of $0.5291 could prove a favorable entry for market participants looking to invest in the digital asset.
Earlier this month, Martinez revealed the presence of an ascending pattern in XRP’s market. He expressed confidence in its potential to drive XRP toward the one-dollar zone.
Significantly, he highlighted a buying opportunity within the pattern, with a $1.1 target in sight.