Crypto: Will the XRP Ledger sidechain project increase the price of XRP?

This year, crypto prices are experiencing a rebound, after a disastrous 2022. In this context, a crypto analyst predicts a rise of XRP to $0.45, here is why…

A potential bullish move for XRP

Since the beginning of the year, cryptos have been recovering in value. However, we do not know the future trajectory of XRP given the current dispute between Ripple and the US SEC. Nevertheless, Ali Martinez, a crypto trading expert, has identified a potential bullish move for XRP. In particular, he used a 12-hour candlestick chart for his analysis. According to him, XRP could see a rise towards $0.45, if the buy signal is confirmed.

The analyst relies on the TD Sequential, which is a popular technical analysis tool. It helps to identify the exact moment of trend exhaustion and possible price reversal. It is therefore a countertrend indicator, which shows a potential rebound for XRP. This indicator was designed to overcome the difficulties that many other technical analysis indicators face. This particularly concerns indicators that perform well in trending markets, but fail to offer the same level of performance in ranging markets.

Technical analysis on XRP, source: @ali_charts on Twitter

Price analysis

At the time of writing, XRP is trading at $0.43, down 0.3% in the last 24 hours. The crypto has fallen 8% in the past seven days, but remains up around 25% for the year. The closest support is found at $0.39 while resistance is found at $0.45. XRP could clear this hurdle if Martinez’s buy signal is validated.

XRP is the sixth-largest crypto by market capitalization, currently standing at $22 billion. It rose more than 20% following the exclusion of a key SEC witness by Judge Analisa Torres. But the technical analysis summary indicates negative sentiment coming mainly from the moving averages pointing to the Strong Sell. Ali Martinez is therefore betting on a medium-term trend change, according to the TD Sequential.

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