XRP Battles Critical $2.20 Support Level — Will It Target $2.70?
Ripple has Transaction volume drops past few days with a wider Cryptocurrency market. However, despite this lull, XRP price has managed to maintain its key support levels and is now gearing up for a potential recovery.
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Interestingly, technical analysis highlights the $2.20 mark as a key level to watch for XRP going forward. Popular cryptocurrency analyst Ali Martinez pointed this out in his analysis, stressing that XRP’s next big move could depend on its outcome on this threshold.
Key levels to watch: $2.20 support and $2.70 resistance
Cryptocurrency markets have faced significant selling pressure since December 17, with Bitcoin falls below support levelleading to noteworthy Price adjustments for various cryptocurrencies. XRP, in particular, saw its price fall from $2.708 on December 17 to a low of $1.98 on December 20. It fell 27% in three days.
After reaching $1.98, XRP price rebounded and regained the $2 price level. Currently, XRP is currently trading at around $2.2, although still down 7% on the weekly time frame.
XRP’s move near the $2.2 price level caught the attention of cryptocurrency analyst Ali Martinez, who suggested two directions for the cryptocurrency’s future. According to Ali MartinezXRP’s ability to hold the $2.20 support is critical to its short-term bullish outlook.
If the levels hold, the coin may enter a consolidation phase, but another attempt at the $2.70 resistance is still in the works. From here, strong bullish momentum above $2.7 could also take the cryptocurrency above $3 for the first time in years. On the other hand, a break below $2.20 could trigger another rapid drop in XRP price to $1.96 before it starts to attract fresh buying interest.
image From X: ali_charts
Whales Accumulate During Cryptocurrency Market Correction
on the chain Data from Santiment It shows that XRP has attracted whale interest during the recent economic downturn. Wallets holding between 1 million and 10 million XRP coins have accumulated an additional 80 million XRP since December 17, indicating that whale addresses are confident in the long-term potential of the coin. This accumulation could provide a cushion for further declines below the $2 mark and set the stage for an eventual recovery.
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Technical analysis of XRP price using Elliott Waves suggests that the recent drop below $2 could be the end of a second wave (corrective wave), further strengthening the bullish outlook. With this in mind, Bullish Impulse Wave 3 Expected to start soon.
As of this writing, XRP is trading at $2.27.
Featured image from Tech Xplore, chart from TradingView
