Crypto analyst Ali Martinez said that XRP has reached a critical support zone after the sharp correction in recent weeks, and the $1.35 level could be decisive for short-term price movement.
Crypto analyst Ali Martinez said that XRP has reached a critical support zone after the sharp correction in recent weeks, and the $1.35 level could be decisive for short-term price movement. According to data shared by Martinez, XRP has lost approximately 20% of its value in the last three weeks, falling from $1.70 to $1.35.
One of the reasons cited for the pullback in XRP is profit-taking by large investors. Martinez stated that whales have sold or distributed approximately 90 million XRP to different addresses in the last week.
Parallel to the price drop, there was also a significant decline in activity on the XRP network. The number of daily active addresses decreased by 90.18%, from 388,492 to 38,163. According to Martinez, this indicates a significant decrease in investor participation during the correction period.
However, XRP appears to have found strong support around $1.35. The fact that approximately 2.29 billion XRP have changed hands in this price region in the past increases the technical significance of this level.
Martinez stated that if the $1.35 support level holds and XRP rises above $1.38 again, the price could recover first to $1.60 and then to $1.68. According to the analyst, the most critical level to watch for XRP in the short term will be the $1.35 support level.
*This is not investment advice.
Continue Reading: Pay Close Attention to This Level in XRP: “If It Rebounds, It Will Do So From Here”
