XRP Price Analysis: Potential Path to $0.65 Hinges on $0.57 Resistance

According to a recent post, analyst Ali Martinez predicted Ripple (XRP) could reach $0.63 or go higher to $0.65. Martinez based this forecast on Tom DeMark’s (TD) Sequential indicator observations. However, he noted that XRP needs to close above $0.57 to validate the prediction.

The TD Sequential indicator has issued a buy signal on the $XRP weekly chart, indicating potential bullish momentum. If #XRP manages a sustained weekly close above $0.57, it could be the catalyst for a push toward $0.63 or even higher, reaching $0.65. pic.twitter.com/D35ogC4jIW

— Ali (@ali_charts) February 25, 2024

The TD Sequential looks for 6 to 9-count price bar completions to determine exhaustion. If the weekly or daily price bars are green, it may signal buyer fatigue. For XRP, the bars were red, suggesting seller exhaustion and a potential bullish reversal.

Yet the 4-hour timeframe painted a bearish picture with XRP near $0.53 support. If buyers fail to curb selling, XRP’s price could decline to $0.52 in the short term. The RSI also showed previous bullish momentum attempts were rejected. XRP’s value may slide to $0.50 as the RSI reading continues to fall.

But if the coin holds $0.54 or crosses $0.55 resistance, its price could revisit $ 0.57’s high demand zone. Closing above $0.57 could spur a move toward $0.63. Alternatively, XRP rejection at $0.55 could lead to consolidation between $0.52 and $0.54.

XRP: AO Turns Negative, $0.57 Crucial for Bullish Momentum

Meanwhile, the Awesome Oscillator (AO) aligned with a downward move. The AO reading was previously positive but has now slipped to negative. Persisting red histogram bars could propel XRP to new lows. Under highly bearish conditions, the coin could break below $0.57 and retest at $0.48.

Conversely, a highly bullish scenario could increase the odds of a trendline breakout. In that case, XRP’s price might bounce to $0.65. Martinez’s bullish outlook depends on XRP holding key support levels between $0.50 and $0.57 over the short term.

XRP price today is $ 0.542157 with a 24-hour trading volume of $ 1.21B; the coin price decreased by 1.34% in the last 24 hours.

Sustained buying pressure must overcome selling momentum for XRP to invalidate bearish signals on the 4-hour and AO timeframes. If bulls can fuel an uptrend, XRP may rally toward $0.63 with the potential for a spike to $0.65. Still, the token faces immediate resistance around $0.55.

How the coin performs around that price level could determine if Martinez’s prediction comes to fruition. A decisive close above $0.57 would reinforce his bullish bias and open the door for prices not seen since last spring. Conversely, a rejection there would align with building selling pressure that could force XRP to retest 2022 lows under $0.50.

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