XRP's TD Sequential Buy Signal: Upside Rebound Imminent?
1min read The cryptocurrency market is abuzz with speculation as the Tom Demark (TD) Sequential indicator has given a buy signal on the hourly XRP price chart. This signal suggests that XRP's price may have reached a bottom and could be poised for a rebound to the upside.
The TD Sequential indicator is a technical analysis tool used to locate potential points of reversal in an asset's price. It consists of two phases: setup and countdown. In the setup phase, candles of the same polarity (either red or green) are counted up to nine. Once these candles are printed on the chart, the TD Sequential gives a reversal signal. The countdown phase begins as soon as the setup is over, with candles counted up to thirteen. Upon completion of the countdown, the asset is assumed to have reached another potential turnaround.
XRP recently completed the setup phase on its 1-hour price chart, with nine red candles indicating a potential bottom. If the pattern holds, XRP's price could see a rebound to the upside. However, it is essential to note that this buy signal formed on a short timeframe (1-hour), which may limit the magnitude of the resulting surge.
XRP is not the only cryptocurrency to display a bullish formation in its hourly price. Stellar (XLM) has also seen a buy setup recently, as indicated by the TD Sequential. While these signals suggest potential rebounds for both XRP and XLM, it remains to be seen whether they will come to fruition.
At the time of writing, XRP is trading around $2.67, down 1% in the last seven days. The coin's price has been consolidating recently, with no significant price movements in either direction. As the market awaits further developments, investors and traders will be closely watching the TD Sequential signals and other technical indicators to gauge the potential direction of XRP's price.
