Key Technical Indicator Flashes Buy Signal for $XRP After 12% Drop Year-to-Date

The price of $XRP, the native token of the $XRP Ledger, has seen a surge of more than 40% over the past year, but so far in 2024 it has dropped by more than 12%. A key technical indicator is now suggesting potential bullish momentum.

Prominent cryptocurrency analyst Ali Martinez has recently pointed on the microblogging platform X (formerly known as Twitter) to a buy signal on the weekly $XRP chart using TD Sequential, a technical analysis tool that aims to predict trend reversals based on past performance.

This signal suggests the possibility of an imminent rally that could propel $XRP to $0.63 or even $0.65, representing a roughly 20% increase from its current price of $0.54.

The TD Sequential’s signal of potential bullish momentum comes shotly after another popular cryptocurrency analyst suggested that the price of $XRP could surge between 39x and 650x within a year.

Popular cryptocurrency analyst Jaydee said that the last two times $XRP tested its 10-year trendline, $XRP’s price moved up exponentially within a year, and added we “are now testing [a] multi-year trendline.”

The analyst’s post comes at a time in which other analysts have also been making bullish $XRP price predictions, with one recently saying investors should see $XRP price dips as “buying opportunities,” provided the cryptocurrency keeps trading within a specific symmetrical triangle pattern, based on their projection of the cryptocurrency will surge to $22.

The symmetrical triangle pattern was formed back in 2017, and the price of the cryptocurrency has seen a series of higher and lower prices, with a potential bull run being suggested if $XRP breaks the pattern with an upward movement.

Notably, large $XRP token holders have been accumulating the native token of the $XRP Ledger to the point they now control 67.2% of the cryptocurrency’s circulating supply, the largest amount since December 31, 2022.