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Analytic

Market Veteran Says XRP Looks Like It Wants to Retest $2


Recent insight from a top market analyst has suggested more price downsides for XRP, further highlighting two crucial levels to look out for.

Analytical guru Ali Martinez highlights that XRP looks weak, as recent price action shows continued correction. If this momentum persists, he suggests that the XRPL native token could see lower prices.

Lower XRP Prices?

XRP quickly flushed out millions of leveraged traders when it tapped $1.37 nearly a week ago before recovering swiftly. At the current market price of $2.42, this represents a 76% rebound.

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Meanwhile, XRP reached $2.64 on Monday to retest a critical resistance level identified in an earlier report by The Crypto Basic. Martinez also acknowledged this supply zone, which aligns with the midpoint of a price channel in an accompanying 12-hour chart.

XRP retested the zone but was met with a strong rejection, sparking an 8% decline to the current market price of $2.42. With momentum still bearish, Martinez has highlighted further downsides potentially targeting the $2 price mark. 

Notably, this aligns with the lower support level within the range, presenting a 17.3% correction from the current market price.

XRP to Retest Lower Support at $2 | Martinez
XRP to Retest Lower Support at $2 | Martinez

Expert Shares Price Levels to Watch

Furthermore, Martinez shared critical levels to watch while the price of XRP develops. He spotlighted this in a parallel analysis, utilizing the UTXO realized price distribution (URPD): ATH-partitioned metric.

The indicator shows crucial price levels where whales moved massive amounts of XRP, providing potential points of support and resistance. Using this data, he noted that key resistance and support levels stand at $2.80 and $2.10, respectively.

For $2.80, the URPD metric indicates that 2.58 billion XRP (3.97% of supply) exchanged hands at the price mark, serving as an area of massive selling pressure for the token. 

Meanwhile, $2.10 could serve as a major demand zone for XRP if it reaches the low. Specifically, over 1.64 billion XRP (2.56% of its circulating supply) moved in the zone and could provide sufficient buying pressure to counter bearish momentum.

XRP Resistance and Support Using URPD Indicator
XRP Resistance and Support Using URPD Indicator

At the current market price, XRP would have to drop 13.2% to reach the $2.10 support. However, it would need to increase by 15.7% to get the resistance level at $2.80.

DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.





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