XRP, Buy Signal Triggered…Will it Really Reach $3 This Time?

▲ Ripple (XRP), Dollar (USD)/ChatGPT generated image ©

XRP (Ripple) has once again shown a strong buy signal on key technical indicators, raising expectations for a short-term rebound. The market is discussing the possibility of reaching $3 again, beyond just breaking through $1.45.

According to Finbold, a cryptocurrency specialized media outlet, on May 9 (local time), crypto trading expert Ali Martinez analyzed that a new buy signal has appeared on the XRP chart based on the TD Sequential indicator. The TD Sequential is known as a prominent technical analysis tool for identifying trend exhaustion and potential reversals.

This indicator first presented a sell signal when XRP recorded a high near $1.46 on May 6. Subsequently, XRP underwent a 5.5% correction for approximately two days, leading to an actual downward trend. However, after a series of bearish candles on the 4-hour chart recently, XRP stabilized above a short-term support level, leading to the reappearance of the '9' buy signal.

Martinez diagnosed that selling pressure is weakening as recent candle sizes are gradually shrinking and compressing. The market is watching whether XRP can reclaim the previous high resistance level of $1.45. Analysis suggests that if it succeeds in breaking through this level, the next target could be $1.80.

Alongside this, some analysts are also bringing up long-term bullish scenarios again. Anonymous cryptocurrency analyst Mikkybull claimed that XRP is trading near the lower support line of a long-term ascending parallel channel, a pattern historically observed just before strong bullish rallies. He explained that similar patterns in the past led to a 580% surge by the end of 2024 and a 65,900% jump during the 2017 bull run.

The analysis also mentioned that the Relative Strength Index (RSI) is approaching 40, a key reversal point in the past. Mikkybull predicted that if XRP successfully rebounds while maintaining its current channel structure, it could potentially rise to $12 in the long term. XRP is currently trading around $1.42, having increased by approximately 2% in the last 24 hours and 2.5% on a weekly basis.

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