Ripple on Edge: Key Indicator Flashes Red With XRP Near Major Support
Ripple’s cross-border token recovered from Friday’s multi-week low of under $1.80 and has surged past $1.90, which has been categorized as key in determining the asset’s future price behavior.
However, the TD Sequential, a metric used to predict whether the underlying asset has reached exhaustion in either direction, has some worrying news for the XRP Army.
According to data shared by Ali Martinez, the indicator has signaled a potential local top for XRP after its recovery from $1.77 on Friday to $1.92 as of press time.
Recall that the TD Sequential has been quite successful in forecasting XRP’s future price behavior. Following the late November crash to under $1.85, the metric flashed green, and the cryptocurrency surged past $2.25 in the next couple of days.
Before that, similar green signals had led to 14% and 18% rebounds. Unfortunately for the XRP Army, the TD Sequential is similarly effective at generating sell signals.
CryptoWZRD also weighed in on XRP’s current performance, indicating that it closed “indecisively” and is simply mirroring bitcoin’s overall sentiment. BTC is slightly in the green daily, trading close to $89,000, while XRP remains sluggish at $1.92.
What’s important for Ripple’s token is that it managed to reclaim the $1.90 support, which has been described as crucial by traders in the past few weeks. A potential decisive breakdown below could lead to a massive price calamity to as low as $1.00, especially if the next line of defense at $1.55-$1.70 cracks.
For now, though, XRP remains above $1.90 as the spot Ripple ETFs continue their streak of only green days since the first one on November 13.
The post Ripple on Edge: Key Indicator Flashes Red With XRP Near Major Support appeared first on CryptoPotato.
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