After a terrible 2022, XRP and other cryptocurrencies have seen a moderate bull run this year.
The future performance of XRP is unknown in light of Ripple’s continuing battle with the US Securities and Exchange Commission (SEC).
Ali Martinez, an expert in cryptocurrency trading, forecasted a positive trend for XRP on May 11. His TA of the 12-hour XRP chart suggests a possible increase to $0.45 if the purchase signal holds.
Martinez uses the TD Sequential, a common technical analysis method for pinpointing the time of trend fatigue and potential price reversal, as the basis for his research. To rephrase, it is an anti-trend instrument created to solve the problems encountered by many trending market TA indicators, which fall short in range market applications.
At the time of writing, XRP has dropped more than 0.3% in the last 24 hours, trading at $0.43. Although it lost almost 8% of its value in the previous week, the sixth-largest cryptocurrency by market size is still up approximately 25% for the year.
If Martinez’s buy signal holds, XRP might break over the $0.45 resistance level. The support level is now at $0.39.
According to information gathered by Finbold on May 11, XRP’s market valuation is now $22 billion. Ripple’s protracted legal fight with the SEC resulted in a substantial price increase for the cryptocurrency early this year.
After US district judge Analisa Torres barred one of the SEC’s primary witnesses, Patrick Doody, from testifying further in the summary judgment on the matter, XRP soared more than 20%.
The 1-day technical indicators for XRP on TradingView are not optimistic. To be specific, the technical analysis summary for the cryptocurrency suggests a ‘Sell’ mood, while just 3 indications recommend a ‘Buy.’
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