With the majority of the cryptocurrency market turning into a sea of red, the price of XRP has not been rescued, and the price of the coin has fallen by more than 6% in the past 24 hours.
Thinking Down, Cryptocurrency Trading Expert Ali Martinez marked In the October 11 Technical Analysis (TA), XRP could show a “sell signal” based on the TD sequence. As a result, the coin may correct below $0.40.
“TD Sequential provides a sell signal on the 3-day chart of XRP and expects a correction to $0.42 or even $0.39.”
Specifically, the TD Sequential tool aims to identify the exact moment of trend exhaustion and price reversal. It is a counter trend tool that tries to overcome the problem of various technical analysis indicators that perform well in trending markets but poorly in range markets.
Notably, Coinphony had mentioned earlier that a break of the $0.384 support level would show weakness within the buyer and reduce the odds in favor of the bears. Such a move could cause the price of XRP to return to the $0.36 support level.
XRP Price Analysis
Currently, XRP is trading at $0.4819, down 6.69% in the last 24 hours, according to data compiled by Coinphony from CoinMarketCap. Last week, XRP was still up 2.47%, with a market capitalization of $21.1 billion.
Interestingly, the token gained nearly 60% in the past month before the recent decline, as the parent company of the token Ripple is still embroiled in a legal battle with the Securities Commission (SEC).
Regardless of the decision reached in the lawsuit with the Securities and Exchange Commission, XRP is likely to benefit from the continued adoption of the Ripple network to facilitate international payments. Indeed, XRP is used by financial institutions to drive transactions at a rate of 2%.
At the same time, Ripple Labs is working hard to expand its services, which is one reason why the company is now ranked among the top 250 fintech companies.
Given the fact that the future is still full of unpredictability, XRP is expected to trade at an average price of $0.4166 by October 31, 2022, according to forecasts from the crypto community at CoinMarketCap.
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After a crypto expert identifies a ‘sell signal’ on the XRP chart – is a major correction imminent? It first appeared on Coinphony.