After its momentum in the past weeks, analysts continue to forecast Ripple. Many think that the XRP price rally is starting to fade. In particular, one analyst points to the TD Sequential indicator, which had more than 25 signals before. Here are the details…
Ripple prediction from analyst: correction to $0.39
In a tweet on Monday, crypto analyst Ali Martinez pointed to the drop in XRP price. The analyst warned that the cryptocurrency would fall to the $0.42 or $0.39 price point. “TD Sequential offers a sell signal on the XRP 3-day chart that predicts correction to $0.42 or even $0.39,” Martinez wrote. cryptocoin.comAs we have reported, TD Sequential provided accurate price predictions, as you can see in this article.
$XRP | The TD Sequential presents a sell signal on #XRP 3-day chart, anticipating a correction to $0.42 or even $0.39. pic.twitter.com/MxjIRutdr4
— Ali (@ali_charts) October 10, 2022
Meanwhile, another popular crypto trader, Profit Blue, shared a similar analysis today. The analyst said that the token is about to break an important 4-hour trend line. He explained that Ripple may be heading towards the neckline of a newly formed double top formation. It is worth noting that this neckline is in the $0.42 price range.
The labeled trendline is very important, any break below it will likely trigger heavy selling pressure and that's going to send price to the neckline of this pattern.
4 HR chart.$XRP pic.twitter.com/Zh1lZPM06c— PROFIT BLUE (@profit8lue) October 11, 2022
These developments are the focus of the XRP community.
The XRP token experienced a massive rally over the weekend. It has separated from the rest of the crypto market and has gained 40 percent in the last 30 days. The asset was trading above the 0.52 price point. The token has been awash with positive emotions in recent weeks. On Thursday, about 3,000 new addresses were created on the network before the price started to rise. Thus, this metric recorded the highest 24-hour growth since July 2.
There is one important development in the focus of the XRP and XRP community: the SEC lawsuit. Ripple has been dealing with a lawsuit filed by the US Securities and Exchange Commission (SEC) since December 2020. The securities regulator accuses Ripple of selling XRP as an “unregistered security.” However, Ripple says that XRP is not a security, but a commodity like most other cryptocurrencies. The community is hopefully waiting for positive news from the Ripple and SEC case.
Additionally, the Flare Network rewards are preparing to distribute tokens to XRP holders via an airdrop. This is another development that has excited the XRP community in recent days. At the time of writing, XRP has lost 6.1 percent in the last 24 hours. Ranking sixth with a market value of $24.1 billion, XRP has risen 4.5 percent in the last 7 days. That is, its earnings on a monthly basis have been neutralized by the overall market situation.
