At the closing of 2023, hopes among crypto traders were high when it came to XRP. While the Bitcoin (BTC)-led rally that affected the crypto market as a whole played a part in this optimism, the string of legal victories Ripple Labs achieved in its long struggle with the SEC arguably had an even greater role.
Despite this, while XRP went through a rally that briefly had it surge above $0.70 for the first time since early 2022, its performance since the start of 2024 has been far more lackluster and indeed mostly marked by stagnation and decline, causing many to wonder if the token will ever reach $1, let alone its previous all-time highs of $3 and beyond.
TD Sequential reveals XRP’s imminent rally
After offering middling performance through most of the first two months of 2024, the technical analysis (TA) relying on TD Sequential of XRP’s weekly chart flashed a buy signal on Monday, February 26, per the prominent crypto analyst Ali Martinez, who shared his findings on X.
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The expert also assessed that, should XRP indeed start rallying, it could skyrocket to $0.63 or, even go as high as $0.65 – approximately 20% above its press time price of $0.54.
TD Sequential is a technical analysis tool that seeks to identify whether the current trend will continue or if it will undergo an imminent reversal by analyzing an asset’s past performance.
XRP price chart
In total, the last 52 weeks of trading did see XRP rise 51.78%, but its year-to-date performance has been decidedly weaker and the token is 14.97% in the red in the time frame. The last 30 days of trading, however, did see a slight rise of 0.52%.
Finally, in the last full week of trading, XRP declined as much as 4.08%, and it also fell 1.94% in the 24 hours leading up to February 26.
Still, as the wider cryptocurrency market has again entered what appears as a bull run, with Ethereum (ETH) finding its footing above $3,000 and Bitcoin reliably staying above $50,000, as investors are increasingly eying the upcoming halving event, hopes to remain high for altcoins, memecoins, and all other types of cryptocurrencies.
Other technical analysis tool issue sell signals
Other tools of technical analysis, however, are less bullish when it comes to XRP. Based on the cryptocurrency’s performance throughout the last 7 days, both oscillators and moving averages are decisively bearish, with the former rating XRP as a “sell” and the latter as a “strong sell,” judging by data retrieved from TradingView on February 26.
The analysis provided by the platform, based on the latest 24 hours of trading, gives similar results, and XRP remains ranked as a “sell” overall.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
