Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
DonAlt, a pseudonymous cryptocurrency trader, has taken a fresh position in XRP.
However, the chartist says that he will exit the position if XRP plunges below the green line.
DonAlt, of course, famously predicted XRP's enormous rally in the fourth quarter of 2024.
Recently, he opined that XRP was holding up better than other coins due to its robust user base.
This comes after the first pure spot XRP ETF officially received a listing notice in the US.
Key level to watch
In July, the token experienced a substantial upward surge, pushing the price to its current all-time high of $3.65.
Following the peak, the price entered a clear downtrend, consolidating and forming lower highs and lower lows.
XRP experienced a gigantic price drop in early October with a massive red candlestick, but it quickly recovered from that "flash crash."
The price has now stabilized and is currently trading in a tight range, roughly between $2.20 and $2.60.
The current price action shows the price breaking above and then testing this level (around $2.40 - $2.50) from above.
If the price successfully holds above the green line, it confirms this level as new support. This could revive XRP's bullish momentum.
A sustained break above the recent highs (around $2.60) and continuation of trading above the green support line could push the token closer to the previous trading range ($2.80 - $3.00).
Dan Burgin
Vladislav Sopov
U.Today Editorial Team