Key Technical Indicator Flashes Buy Signal for $XRP After 12% Drop Year-to-Date

The price of XRP, the native token of the XRP Ledger, has seen a surge of more than 40% over the past year, but so far in 2024 it has dropped by more than 12%. A key technical indicator is now suggesting potential bullish momentum.

Prominent cryptocurrency analyst Ali Martinez has recently pointed on the microblogging platform X (formerly known as Twitter) to a buy signal on the weekly XRP chart using TD Sequential, a technical analysis tool that aims to predict trend reversals based on past performance.

This signal suggests the possibility of an imminent rally that could propel XRP to $0.63 or even $0.65, representing a roughly 20% increase from its current price of $0.54.