Leading cryptocurrency analyst Ali Martinez identified a bullish signal for XRP (CRYPTO: XRP) on Wednesday amid robust activity on the XRP Ledger network.
XRP’s Time To Rally?
Martinez posted XRP’s monthly chart showing a completed TD Sequential indicator at $1.109, adding, “XRP just flashed a monthly TD Sequential buy signal.”
The TD Sequential indicator is a technical analysis tool that helps traders identify potential price reversals and exhaustion patterns. The 9-count suggests selling pressure is nearing exhaustion, suggesting a potential bullish reversal.
Search Interest For XRP Spikes
Interestingly, Google searches for XRP outpaced those for Ethereum (CRYPTO: ETH) and Dogecoin (CRYPTO: DOGE) over the past week, signaling rising retail investor attention.
Meanwhile, the Bull Bear Power indicator, which measures the strength of buyers and sellers, flashed a “Sell” signal for XRP, according to TradingView.
In contrast, the Moving Average Convergence Divergence indicator, which compares two exponential moving averages of an asset’s price, gave a bullish “Buy” reading.
How’s The State Of Network Adoption?
Meanwhile, the XRP Ledger—where XRP serves as the native cryptocurrency—surpassed 8 million activated accounts.
Activated accounts on XRPL are funded wallets holding the minimum XRP reserve to enable transactions on the chain. XRP Ledger Foundation attributed the growth to tokenization, stablecoins, and decentralized finance.
Price Action: At the time of writing, XRP was exchanging hands at $1.11, up 0.52% over the last 24 hours, according to data from Benzinga Pro. Year-to-date, the cryptocurrency has dropped more than 41% in value.
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