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.