XRP, Is the Decline Over?...'Eyeing' the Opportunity to Reclaim $1.4

▲ XRP (XRP)/ChatGPT Generated Image

An analysis suggests that XRP has shown signs of a short-term rebound after its recent decline. The TD Sequential, a technical analysis indicator, displayed a buy signal on XRP's 4-hour chart, leading analysts to believe that XRP might attempt to reclaim the $1.45 resistance level.

NewsBTC reported on May 9th that analyst Ali Martinez stated on X (formerly Twitter) that a TD Sequential signal appeared on XRP's 4-hour price chart. TD Sequential is a technical analysis indicator used to identify potential trend reversal points in asset prices.

TD Sequential consists of two phases. The first phase, called Setup, counts up to nine consecutive candles of the same color. When nine candles are formed, the indicator signals a reversal. Before the Setup is complete, if the candles are green, it is interpreted as a bearish signal, and if red, it is a potential bottom formation signal. The second phase, Countdown, is based on a total of 13 candles, and its completion is considered another trend exhaustion zone.

In the recent XRP 4-hour chart, the TD Sequential Setup was completed after nine red candles formed. This signal appeared after XRP fell more than 4% from its $1.45 high earlier this week. Martinez stated, "I interpret this to mean that local exhaustion has ended and XRP is ready for a rebound."

Martinez explained that TD Sequential has captured recent XRP trend changes relatively accurately. According to the article, the $1.45 high earlier this week coincided with the indicator's sell signal. He believes that if this buy signal proves valid, XRP could move back to the $1.45 resistance level.

An additional target price of $1.80 was suggested. Martinez said, "If it breaks through the overhead supply, the second target is $1.80." However, NewsBTC noted that it remains to be seen whether this signal will lead to an actual rebound or if the bearish trend will continue, invalidating the setup.

At the time of writing, XRP was trading around $1.39, down 1.5% over the past 24 hours. While this buy signal indicates a potential technical reversal after a short-term decline, the key hurdle narrows down to whether the $1.45 resistance level can be reclaimed.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*