XRP Buy Signals Stacking on Multiple Timeframes May Spark Ripple Recovery
XRP continues to be among the worst performers in the cryptocurrency market, despite maintaining its place as the third-largest cryptocurrency by market cap with relative simplicity.
The asset’s woes may finally be ready to turn around, as a series of buy signals stacking across multiple timeframes and trading pairs are pointing to a major recovery in Ripple.
TD Sequential Buy Signal Triggers on XRPBTC Daily Price Charts
XRP is seemingly stuck under 20 cents for what feels like years of a bear market. And it nearly has. While this extreme of lows haven’t been sustained for the entirety of the cycle, the asset’s prices have remained low throughout the last two years or price action.
Each attempt at a rally has been sold down nearly instantly, due to both Ripple executives dumping on holders to fund operations, and underwater bagholders ready to exit at the first sign of a surge.
Related Reading | XRP Reclaims Downtrend Line After False Breakout, What’s Next?
XRP has not only underwhelmed on the USD trading pair, falling over 90% from its all-time high of $3.50, but the altcoin has also been crushed by Bitcoin on the XRPBTC trading pair.
That may turn around soon, though, as the TD Sequential, created by market timing expert Thomas Demark, has just triggered a buy signal on daily timeframes on XRPBTC.
Accurate Signal Stacks Across Multiple Timeframes, Pointing to Sharp Recovery
The chillingly accurate signal has called plenty of tops and bottoms across the crypto space including Bitcoi‘s epic peak at $20,000 and its bear market bottom.
In addition to this signal on daily timeframes, the same signal has triggered a buy across higher timeframes, giving more validity to a possible trend change.
Related Reading | Ripple Poised to Triple By Q4 2020 After XRP Forms Classic Bottom
The most significant of these signals has occurred on the monthly XRPUSD charts, just as the asset has swept the lowest lows and retested a downtrend line as support.
According to some theories, Ripple could triple in value after forming a “classic bottom.” Coindicing with a powerful buy signal from the TD Sequential indicator suggests that there could actually be some positive movement for the battered and beaten altcoin.
XRP has a lot of ground to recover, however, in the past, when the asset does breakout, it grows by thousands of percent in a matter of days – a move that you simply do not want to miss if you are an XRP investor and have waited for two full years for a reversal.
If XRP can sustain a rally, and breach all-time high, a new target of $14 would be possible during the next major bull cycle for cryptocurrencies. But it all depends on these higher timeframe reversal signals confirming.
Featured image from Pixabay