As a crypto investor, I’ve taken note of an intriguing technical analysis on XRP shared by Ali Martinez (@ali_charts). He’s pointed out a potential bullish signal for XRP that caught my attention. Specifically, he’s emphasized that the SuperTrend indicator, when applied to the 12-hour chart of XRP/USDT, has shifted to a bullish position – a pattern that preceded a massive 470% price increase in the past. This could be a sign that XRP might be gearing up for another significant price surge.
In his recent post, Martinez noted that when the SuperTrend indicator became bullish on the 12-hour chart for XRP previously, its value increased by 470%. Now, he indicates it has turned bullish again, as shown in the graph he shared.
What This Means For XRP Price
The SuperTrend indicator is a well-known tool for predicting trends in financial markets, originally created by Olivier Seban. This technical analysis device is plotted over price graphs to assist traders in recognizing the current market trend. It’s adaptable because it adjusts according to market volatility. The SuperTrend mainly employs the Average True Range (ATR) to position itself in relation to price fluctuations, offering distinct buy and sell signals that are easy to understand.
The SuperTrend is a line that’s drawn based on the Average True Range (ATR) and a multiplier, usually 3. This line either goes above or below the actual price, changing direction when the price crosses these levels. When the indicator moves beneath the price, it suggests a potential increase in value, or an upcoming uptrend. On the flip side, if the line moves above the price, it may signal a possible decrease in value, potentially indicating a downtrend.
Martinez pointed out an occasion when the SuperTrend indicator switched to bullish for XRP in its 12-hour chart, which then resulted in a remarkable surge of 470%. This bullish switch happened back in November last year, with XRP being traded around $0.50 at that time. After the change, XRP experienced a strong upward trend, breaking through significant resistance barriers and reaching a high of $2.90 on December 3, which translates to a 470% increase from its value before the switch.
According to Martinez’s analysis, the SuperTrend indicator on the 12-hour chart has changed to a bullish signal once more. This recurrence might indicate a possible reoccurrence of the earlier powerful upward trend. Interestingly, the bullish SuperTrend coincides with a bullish pattern in the weekly chart setup.
Last week, XRP recovered from a significant support at approximately $1.96, and is currently aiming for a weekly closing price above the 1.272 Fibonacci extension level, which stands around $2.42. If it manages to surpass this resistance with conviction and maintain high trading volumes, its price could potentially reach the 1.618 Fibonacci extension level, estimated at about $3.00.
Considering its historical trend, if XRP follows the same path as before, the potential price rise could be substantial, possibly reaching around $13.80 – a jump that represents an approximately 470% increase from the current value.
At press time, XRP traded at $2.44.
Read More
- ARB PREDICTION. ARB cryptocurrency
- W PREDICTION. W cryptocurrency
- XRD PREDICTION. XRD cryptocurrency
- ZK PREDICTION. ZK cryptocurrency
- Vishnu Manchu finally ENDS THE SILENCE over ongoing family feud between Manchu Manoj and Mohan Babu
- What Are Silo 18’s Tunnels Connected To? Juliette’s Silo 17?
- XDC PREDICTION. XDC cryptocurrency
- WWE Undisputed Champion Cody Rhodes Drops a Bombshell After His Return
- XVG PREDICTION. XVG cryptocurrency
- Is there preload for Path of Exile 2? Yes, but with a few caveats
2025-01-07 19:34