After weeks of range-bound motion, the price of XRP might finally be making moves for a major breakout.
XRP has been one of the major coins put up for discussion, mostly on crypto X, over the past few weeks.
The relatively lower performance of the asset compared to its peers has sparked some dissension among its core proponents, as many considered their plans to HODL might not be worth it in the long run.
Discounting these thoughts, top market analyst Ali Martinez posits that rather than sell off, now may be the time to start buying more XRP.
The Bullish XRP Setup
Martinez took to his go-to media platform, X, to share valuable insights with his followers. He posted a chart highlighting how the TD Sequential indicator is currently indicating a buy on the XRP weekly chart.
Based on his analysis of the signal, it seems that there is a strong indication that XRP is expected to experience a significant upward trend in the coming weeks. This bullish sentiment could potentially last for a period of one to four weeks, according to his estimations.
The TD Sequential indicator is signaling a buy on the $XRP weekly chart, suggesting that #XRP is poised for an upswing lasting one to four weeks. pic.twitter.com/icw4CY86UW
— Ali (@ali_charts) February 6, 2024
The TD Sequential helps pinpoint a period of trend exhaustion and any potential price reversal. A look at the XRP chart shows a steep slump since it slipped below the $0.68 price mark on December 9, 2023. The coin has continued to inch lower since that time and, per Martinez’s estimation, it might have finally touched its floor.
Notably, XRP has underperformed compared to the parabolic growth that competing coins like Solana (SOL) have printed in recent times. With the bullish call from Ali Martinez, chances are there might be some renewed re-accumulation in the coming days.
XRP Turnaround is Already Happening
At the moment, XRP is already showing signs of recovery, with the price and market capitalization soaring as high as 3.6% in the past 24 hours to $0.5125 and $27,902,664,537. The trading volume is also recording an uptick, pegged at 1.2% at the time of writing to $900,286,911.
With the omens pointing at a bullish trend, XRP remains on the watchlists of thousands of traders who are keen on seeing how it performs in the short term.