TL;DR
- XRP has slipped below a crucial support level, but a popular analyst noted that this could be a proper buy-the-dip opportunity.
- At the same time, Ripple’s XRP Ledger continues to grow, hitting a substantial milestone in terms of users.
The TD Sequential is a widely used technical indicator that shows the underlying asset’s exhaustion in terms of price actions in either direction. As the graph from Martinez shows, the bears dominated most of XRP’s latest moves, especially since it peaked at $3.20 last weekend and has since slipped to just under $3.
Although many users disagreed in the comments below, other analysts (sort of) backed Martinez’s projection of price growth. ERGAG CRYPTO noted that as long as the asset doesn’t close below $3 on the daily or the 3-day timeframe, it will be “set for takeoff.”
For now, there’s no such closure below that line on the 3-day timeframe, but that could change later today, which might trigger a further downfall to and below $2.90.
CRYPTOWZRD also weighed in , indicating that XRP had closed indesicively against the greenback. However, the XRP/BTC trading pair is still “maintaining a symmetrical triangle,” which could send the former flying toward its all-time high of $3.65 if there’s a “healthy” bullish breakout.
At the same time, the network behind the XRP token continues to grow, which could further influence the asset due to the increasing adoption rate. Data from XRPScan shows that the number of active accounts on the XRP Ledger has crossed the seven million mark. The basic criteria are that each of these wallets holds at least one XRP.
