Following a disastrous 2022, XRP, as well as other cryptocurrencies, have seen a decent bull run this year. However, it is uncertain how XRP will continue to perform in the coming months amid Ripple’s ongoing dispute with the US Securities and Exchange Commission (SEC).
On May 11, crypto trading expert Ali Martinez identified a potential bullish move for XRP. According to his technical analysis (TA) of XRP’s 12-hour chart, XRP could jump as high as $0.45 if the buy signal is validated.
“The TD Sequential presents a buy signal on the $XRP 12-hour chart. If validated, it could propel #XRP toward $0.45.”
Martinez’s analysis is based on the TD Sequential – a popular technical analysis tool used to identify the exact moment of trend exhaustion and possible price reversal. In other words, it is a counter-trend instrument designed to address the challenges faced by many other TA indicators that perform in trending markets but fail to deliver the same level of performance in range markets.
XRP price analysis
At press time, XRP is trading at $0.43, down more than 0.3% in the past 24 hours. The sixth-biggest cryptocurrency by market cap fell more than 8% over the past 7 days, though it remains up around 25% year-to-date.
XRP’s current support level is identified at $0.39, while the resistance is seen at $0.45 – a level that could be breached if Martinez’s buy signal is validated.
XRP’s market cap currently stands at $22 billion, according to data retrieved by Finbold on May 11.
The cryptocurrency saw a notable price surge earlier this year after a significant development in Ripple’s ongoing legal battle against the SEC.
Specifically, XRP jumped more than 20% after US district judge, Analisa Torres, removed one of the SEC’s key witnesses, Patrick Doody, banning him from participating further in the summary judgment on the lawsuit.
What do technical indicators tell us?
XRP’s technical analysis on TradingView’s 1-day gauges is not bullish. Namely, the TA summary for the cryptocurrency indicates a ‘Sell’ sentiment, while only 3 indicators suggest a ‘Buy.’
The negative sentiment mainly comes from moving averages (MA) pointing at ‘Strong Sell’ at 12. Oscillators are less bearish, with the indicator showing a ‘Neutral’ rating at 8.
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