XRP is recording a short-term rally after days of consolidating around the $0.35 zone at a time the cryptocurrency community is awaiting the outcome from Ripple and the Securities Exchange Commission (SEC) court case.
Amid the gains, crypto trading expert Ali Martinez has warned that XRP could be indicating ‘a sell signal’ on its chart based on the TD (Tom Demark) Sequential. In his technical analysis on December 27, Martinez noted that investors should also anticipate a bearish formation for XRP, an indicator of a possible correction.
“The TD Sequential presents a sell signal on XRP four-hour chart while a bearish divergence forms against the RSI. The bearish formation anticipated a one to four candlesticks correction for XRP,” he said.
Notably, the TD Sequential metric highlights a selected asset’s precise moment of trend exhaustion and price reversal.
Indeed, the latest XRP price movement can be considered vital for the token as it aims to rally toward $0.50. The overall crypto market bearish sentiment invalidated the previous momentum toward the position.
By press time, XRP was trading at $0.37, having gained almost 4% on the daily chart, while on a weekly basis, the token has rallied nearly 8%. The recent XRP buying pressure has also resulted in its market cap hitting $18.54 billion.
Indeed, as XRP makes minor gains, the token’s fundamentals primarily depend on the ongoing case between SEC and Ripple. With both parties having made final submissions, the case is heating up after the regulator filed a motion to seal certain documents.
Under the request, SEC wants the court to seal documents on names and identifying information of the experts and XRP investor declarants, personal and financial information, and internal SEC documents reflecting debate and deliberation by SEC officials.
Besides the case, XRP remains susceptible to the impact of the general crypto price movement that has remained bearish. Meanwhile, the machine learning algorithm at PricePredictions forecast that XRP will likely trade at $0.33 on January 1, 2023.
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