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XRP price may be set for a rebound after the weekend drop.
Over the past few months, XRP has stolen the spotlight in the crypto space amid a blistering rally to seven-year highs sparked by anticipated regulatory clarity under the incoming Donald Trump administration.
While this price rally has slowed in the past few weeks, analysts remain optimistic about the asset’s potential. In the latest instance, one analyst has highlighted a potential long signal and the key levels to watch.
XRP TD Sequential Hints at Rebound
XRP’s price may be set for a rebound after its recent 7% decline over the weekend from highs of $2.5090 to lows around the $2.3273 price point, according to prominent crypto analyst Ali Martinez.
The analyst disclosed this in an X post on Sunday, January 5, highlighting a TD Sequential buy signal on the asset’s 4-hour candle chart.
For the uninitiated, the TD Sequential helps traders to promptly identify price reversals. The indicator does this by measuring the closes of the previous candles.
The recent buy signal on the four-hour chart comes on the heels of an analysis by Martinez that XRP may be building up momentum to record highs.
XRP to $11?
Notably, in an X post on Saturday, January 4, Martinez shared XRP’s 12-hour candle price chart, suggesting that the asset has been consolidating in a bullish pennant formation since hitting seven-year highs of $2.9 in early December 2024.
The analyst noted that at the moment, price resistance is at the $2.73 price point, noting that a break of that level could lead to a significant rally to $11, aligning with the 1.786 Fibonacci level from the asset’s November 2024 bottom. Notably, this target is far above its all-time high of $3.40.
According to Martinez, however, failure to break the $2.73 resistance could lead to a correction to $2.05 first. At the time of writing, XRP is trading at $2.41.