XRP Forms Crushing Textbook Reversal Sign After 30% Explosion


  • XRP has seen an extremely strong rally over the past few days, outperforming Bitcoin and even Ethereum on some days.
  • Since July 22nd, the asset has gained in excess of 50%, reaching highs not seen since the February blow-off top.
  • Some analysts see this price action as a precursor to a macro bull run for XRP.
  • While this may be true, the leading altcoin is printing some signs that it will reverse for a few days or weeks, then potentially it may head higher.

XRP Could Soon See Reversal: TD Sequential

XRP has been on a near-unstoppable rally over the past two weeks.

Even during last weekend’s flash crash, during which Ethereum crumpled by 26% in the span of five minutes, XRP was largely unfazed: it bounced back to multi-month highs just hours after the crash. Yet there is a textbook indicator printing a sell signal.

XRP is forming a “sell 9” candle on its daily chart, as per the Tom Demark Sequential. The sequential is a time-based indicator that prints “9” and “13” candles at the inflection points in the trend of an asset.

How To Get Free Crypto  

This “sell 9” candle that has formed on the chart of the altcoin predicts a multi-day correction.

Chart of XRP's price action over the past few months from TradingView.com

There are other signals and analysts predicting a retracement or at least a period of consolidation as XRP approaches critical resistance levels.

Cryptocurrency research firm Blockfyre published the chart below on August 3rd. It wrote that XRP is unlikely to break past the macro resistance at $0.33 at first go and will instead consolidate below this level, then potentially move higher:

“$XRP up 32% since the breakout of this downtrend and initial post but finds it self hurtling at light speed towards heavy resistance which should stall it for some time before continuation. Bulls looking for weekly close above .30-33.”

Chart of XRP's macro price action with analysis by Blockfyre and Pentoshi, head of TA at Blockfyre. Chart from TradingView.com

Ripple Releases Latest Market Update Report

The cryptocurrency’s recent price performance comes shortly after Ripple Labs revealed in its Q2 market report that it has been buying XRP on the secondary market. This comes after the company faced criticism from some corners of the industry who argued that Ripple was suppressing the asset’s price.

“A healthy, orderly XRP market is required to minimize cost and risk for customers, and Ripple plays a responsible role in the liquidity process. As more financial institutions leverage RippleNet’s ODL service, more liquidity is added into the XRP market. That said, Ripple has been a buyer in the secondary market and may continue to undertake purchases in the future at market prices,” wrote the company in the report. 

Along with its purchases of the cryptocurrency on the open market, Ripple also sold $32.5 million worth of the asset over the counter over Q2.

Coinbase Banner  
Featured Image from Shutterstock
Price tags: xrpusd, xrpbtc
Charts from TradingView.com
XRP Forms Crushing Textbook Reversal Sign After 30% Explosion

Go to Source
Author: Nick Chong


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.