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Cryptocurrency trader and analyst Ali Martinez, known on social media as ali_charts, has shared with the crypto community with 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 the Ripple-affiliated cryptocurrency XRP has fallen below the important support level at $3. XRP now could start declining towards $2.60, Martinez warns, or even drop as low as $2.
Since peaking at $3.35 on Wednesday last week, 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 August 6.
At the end of last week, Bitcoin came dangerously close to dropping below the $115,000 level. As per 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 the green
On August 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 made 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 August 14th, 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