[ccpw id="39382"]

HomeCrypto NewsMarketMarket Veteran Says XRP Looks Like It Wants to Retest $2

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

Date:

Written By:

Follow TheCryptoBasic

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.

- Advertisement -

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.

Author

Elendu Benedict
Elendu Benedict
Elendu Benedict is a refined cryptocurrency writer with over two years of experience in the field. With a thorough understanding of blockchain technology, cryptocurrencies, and market trends, as well as proficiency with ETFs, DeFi, and Web3, he specializes in writing engaging and educational articles on a variety of crypto-related subjects.

More from Author

Latest Stories

Market Veteran Targets XRP Rally to $4.50, Says XRP Consolidation Period Is Over

Experienced market analyst CasiTrades says XRP is heating up after a bullish breakout, with the new target a rally to an all-time high of...

Cardano Falling Wedge Breakout Eyes Run to $1.2 Before Uptick to $2.91

A well-known crypto chartist has suggested that Cardano could be looking to break into a four-year peak above $2 after a falling wedge breakout. Notably,...

Cathie Wood Lowers Bitcoin 2030 Price Target to $1.2 Million

Cathie Wood, founder and CEO of ARK Invest, has revised her long-term outlook for Bitcoin, lowering her 2030 price target by $300,000. Specifically, Wood now...

Bitcoin Dominance Hits a Tipping Point as Analyst Sees Altcoin Season Ahead

With the Bitcoin dominance reaching a crucial level, market veteran Michaël van de Poppe believes a breakdown soon could lead to the altcoin season. The...

Ethereum Closes in on Bitcoin Annual Performance Following Strong Q3

Market data shows that Ethereum, the king altcoin, has dramatically closed in on Bitcoin's annual performance following Q3 gains. Ethereum has nearly matched Bitcoin's annual...

Citibank Predicts Bitcoin to Hit $231K, Ethereum $7.5K in Months

Global banking giant Citibank has released new 12-month price targets for the world’s two largest cryptocurrencies — Bitcoin and Ethereum.  In a fresh report, Citibank...

Here’s How High XRP Could Rise If It Beats Visa’s $600B Market Value

XRP could surpass Visa’s $600B market cap amid several bullish forecasts, ETF approvals, and growing institutional interest. Indeed, XRP remains one of the crypto assets...

XRP Is Not Going to $10K-$50K Per Coin, Expert Says

A popular community figure has pushed back against predictions that XRP will eventually reach an ambitious target of $10,000 to $50,000 per token.  Like many...

Shiba Inu Falls to 23-Month Low—How Worse Can It Get for SHIB

Shiba Inu has continued to show weak momentum, with the latest capitulation pushing prices to a level last seen nearly two years ago. The broader...

Shiba Inu Hits Support: Analyst Says SHIB Becomes a Rocket When This Happens

Shiba Inu touched a critical lower support trendline, which has historically sparked a strong rebound followed by explosive price action. This analysis comes from “Akbarkarimzsfeh”...

Dogecoin Is Following Its First Cycle—Here’s the Target

Dogecoin is showing similarity with its first full bull cycle, and a full mirror could send the meme coin surging to unprecedented prices. October ends...

Dogecoin Ready to Rebound—Top Analyst Predicts Bullish Targets

Prominent market analyst Ali Martinez has highlighted that Dogecoin could possibly rebound from recent lows, sharing possible targets. Martinez shared this insight in his Thursday...

Guides