The U.S. Securities and Exchange Commission (SEC) has been the talk of the town since it classified the Blockchain company associated with XRP as a security at the end of 2020. Now, one of the frequently used technical analysis tools by investors, TD Sequential, has signaled a strong uptrend for XRP.
$0.45 Must Be Protected for Uptrend
According to well-followed crypto analyst Ali Martinez, TD Sequential indicated a buy signal in XRP’s three-day chart. This potentially means a bullish signal for the leading altcoin, however, to maintain a potential uptrend, XRP must stay above a certain price point.
TD Sequential is a technical analysis tool used by investors to identify potential trend terminations and trend reversals. It involves a series of price calculations based on past data and time series to predict whether a commodity’s price will continue or reverse its current trend.
A buy signal in this indicator suggests a possible reversal from a downtrend to an uptrend. However, like all trading indicators, this indicator is not flawless and should be used in conjunction with other tools for a comprehensive trading strategy.
Martinez stressed that XRP must hold above $0.45 for the predicted uptrend to happen. If this continues, the altcoin price could rise up to $0.51. More importantly, a breakthrough exceeding the resistance level at $0.51 could push the price to $0.60.
Latest on XRP
At the time of writing, XRP, trading at $0.4769, is signaling the possibility of a bullish trend by staying above $0.45. According to data provided by CoinMarketCap, XRP, with a market value of about $25.08 billion, ranks 6th among the largest cryptocurrencies in terms of market value.
On the other hand, the altcoin‘s 24-hour trading volume is hovering at a quite high level of $830 million, indicating high investor interest in the asset.
