After months of consecutive decline and downtrend, XRP may be finally ready to stage a full recovery.
The third-largest cryptocurrency by market cap has triggered a very important and accurate buy signal on monthly timeframes – the first time the signal has appeared throughout the entirety of the bear market thus far.
XRP Monthly Price Chart Triggers TD 9 Buy Signal
XRP, the altcoin known commonly as Ripple, has maintained its third-most rank in the cryptocurrency market, even despite the altcoin being among the asset classes’ worst performers two years running.
All that negative performance has resulted in months and months of downtrend and price decline. However, the decline caused a specific sequence of candles to form that signal that a reversal could be near, and that the asset is currently a “buy.”
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XRP/USD price charts have triggered a TD 9 “buy signal” on the , created by market timing specialist Thomas Demark.
Demark has created dozen or so indicators with a similar focus on predicting market timing, an area where the analyst is widely respected and well known.
Demark’s TD Sequential indicator has been used across all financial markets and asset classes to accurately predict future price movements.
The TD Sequential indicator works across any timeframe, but as is the case with most indicators, the highest timeframes often have the most significant impact on overall trends.
Ripple Has Much Lost Ground to Recover in Any Potential Rebound
XRP is currently down by over 95% from its all-time high set over two years ago at $3.58.
The altcoin recently fell to as low as ten cents at the current bottom set this past March, when Bitcoin and the rest of the crypto market collapsed at the hands of the coronavirus.
A monthly buy signal on an especially battered and beaten altcoin asset could suggest that buying now leads to the greatest possible financial opportunity.
After over two years of selling, investors who wanted to sell have had plenty of chances to do so, and if the latest shakeout wasn’t enough to break even the strongest of hands, any remaining XRP investors are likely in it for the long haul and firmly believe in the future of the financial technology.
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Only time will tell if this monthly buy signal is accurate like many other TD 9 signals, and helps pick XRP up and out from the depths of the bear market and back into a sustained recovery. If XRP is able to finally regain some bullish momentum, those that buy now based on this latest signal could be well rewarded.