After the disastrous 2022, XRP and other cryptos have shown good growth this year. However, Ripple’s legal battle with the US Securities and Exchange Commission (SEC) continues. Therefore, it is unclear how the altcoin price will continue to perform in the coming months.
XRP prediction from the crypto guru
Crypto analyst Ali Martinez has identified a potential bullish move for XRP. According to technical analysis (TA) of XRP on its 12-hour chart, if the buy signal is confirmed, it is possible for XRP to rise as high as $0.45. In this context, the analyst makes the following statement:
TD Sequential offers a buy signal for XRP on the 12-hour chart. If confirmed, it is likely to push XRP towards $0.45.
XRP 12 hour chart / Source Ali MartinezThe analyst’s analysis relies on TD Sequential, a popular technical analysis tool used to pinpoint the moment of trend exhaustion and possible price reversal. In other words, it’s a countertrend tool designed to address the challenges faced by many other TA indicators that perform in trending markets but not range markets.
As you follow on Kriptokoin.com, crypto players take into account the TD Sequential, which has 25 correct signals. Therefore, the importance of this indicator for the crypto market is undeniable. It should be noted here that TDS correctly predicted the 2019 high and bottom price of BTC. Similarly, the indicator also hit BTC’s 2017 and 2018 highs and lows. He also got many price movements right for altcoins such as XTZ, LINK, ETH. Finally, it gave a bullish signal for BTC at the threshold of $20,000 in March 2023.
Altcoin price analysis
According to press time, XRP is trading at $0.43, down more than 0.3% in the last 24 hours. The sixth largest cryptocurrency by market cap has dropped more than 8% in the last 7 days. However, it has increased by about 25% since the beginning of the year.
XRP YTD price chartXRP’s current support level stands at $0.39. Resistance is seen at $0.45. This is a level that could be exceeded if Martinez’s buy signal is confirmed. XRP’s market cap currently stands at $22 billion.
The altcoin saw a notable price increase earlier this year following a significant development in Ripple’s ongoing legal battle against the SEC. Notably, XRP surged more than 20% after US district judge Analisa Torres dismissed Patrick Doody, a key witness of the SEC, from further participation in the summary judgment of the case.
What do technical indicators tell us?
On the other hand, technical analysis of XRP on TradingView’s 1-day indicators is not bullish. That is, the TA summary for the coin shows ‘Sell’ sentiment, while only 3 indicators say ‘Buy’.
XRP technical analysis summary / Source: TradingViewThe negative mood is mainly due to the moving averages (MA) pointing to ‘Strong Sell’ at 12. The oscillators are less bearish and the indicator shows a ‘Neutral’ rating at 8.
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