The broad crypto market is in a state of uncertainty, as leading crypto assets have continued to show mixed price actions, triggering curiosities among investors about the next price move of the assets, especially XRP.
With the crypto market constantly facing repeated pressures, XRP has also had its own share of the negative market trend, but a recent analysis shared by popular crypto analyst Ali Martinez suggests a big rebound could be imminent.
XRP forms important support at $1.95
On Tuesday, December 9, Ali shared a chart revealing that XRP has formed clear support above $1.94. Historical movements show that the level has constantly aided a big upward movement.
While XRP has now been spotted sitting in a zone where buyer strength is crucial to aid the next uptrend, the analyst warns that XRP must maintain a close above the $1.94 support level to retain its bullish trajectory.
According to the analyst, if traders could maintain strong buying power that could keep the support level intact for the long term, it could drive the price of XRP back toward $2.50 before the end of December.
While XRP has long lost the $2.50 level following weeks of declining price action and heavy volatility across the crypto market, the analysis predicted that if XRP successfully defends $1.94, it might be able to maintain a steady climb through the $2.20 and $2.30 resistance levels, eventually retesting $2.50 again.
Notably, if this happens, it would position XRP to see one of its strongest recoveries since the massive October 10 crash.
On the other hand, it is important to note that a breakdown below this level could trigger a failed recovery, leading XRP to deeper downside movements.
However, with XRP seeing strong daily performances in the recently launched XRP ETFs, its chances of maintaining strong buying power could be possible, increasing its possibility of retesting the $2.50 level.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team