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Cryptocurrency trader and analyst Ali Martinez, known on social media as ali_charts, has shared with the crypto community his take on XRP’s further likely price maneuver after the third-largest digital currency has lost an important support level.
XRP risks dropping to $2, analyst says
The chart shared by the analyst (a retweet of his X post published on Sunday) shows that Ripple-affiliated cryptocurrency XRP has fallen below the important support level at $3. XRP now could start declining toward $2.60, Martinez warns, or even drop as low as $2.
Since peaking at $3.35 last Wednesday, XPR has declined significantly since then, shedding a total of 11.42% and currently trading at $2.97 per coin. This has been the lowest trading level for XRP since Aug. 6.
At the end of last week, Bitcoin came dangerously close to dropping below the $115,000 level. According to data shared by CoinGlass, $464.70 million worth of crypto were liquidated on that day alone. The lion’s share of those liquidations constituted long positions worth $380 million.
Bitcoin hits new ATH, briefly taking market to green
On Aug. 14, the world’s largest cryptocurrency, Bitcoin, skyrocketed to a new historic price peak, hitting $124,457. The price record was achieved due to multiple triggers, including low CPI data and the official confirmation by the White House administration about recognizing Bitcoin as a treasury reserve asset and their determination to expand the current Bitcoin Strategic Reserve.
However, on the same day, the king crypto went down rapidly and continued over the next days, seemingly reacting to the recent geopolitical development in Alaska. The whole crypto market followed suit, including XRP.
Since Aug. 14, Bitcoin has declined by a total of 7.6% and is currently changing hands at $115,130 per coin.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team