XRP Breaks Down Below Key Demand – Analyst Expects A Drop To $1.65
XRP prices remain above key support levels since last Sunday after an aggressive 20% drop. The Bulls lost control, but despite the pressure on sales, XRP is still above $2, an important level to prevent further declines. The recent decline has increased market uncertainty as investors look for signs of stability.
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Top analyst Ali Martinez analyzed an analysis on X that showed XRP was bursting from rising parallel channels, indicating a potential decline. According to Martinez, XRP may target at a rate of $1.65 if it continues, which is crucial for its price action.
The entire market is still under pressure, and altcoins strive to return to key levels. If XRP manages to hold over $2 and recover momentum, the Bulls may push for recovery. However, the inability to defend such support may lead to deeper corrections, thus giving A wider crypto market.
XRP Bulls Try to Restore Blulish Power
XRP’s deal is below key levels as it attempts to acquire Blulish price action in a wider market sell-off. The entire crypto market is under pressure after Bitcoin lost its weekly support, triggered panic and increased sales pressure on altcoins. Like most major assets, XRP has been struggling to hold its own ground, down drastically over the past few days.
Martinez’s analysis of X Revealing that XRP is decomposing from rising parallel channels, this indicates a lower potential movement. According to Martinez, if XRP cannot maintain current demand levels, the target for XRP is $1.65. This collapse is consistent with the weakness of the market as a whole, and the Bulls are working to regain control.
Despite the bearish outlook, XRP remains at the height of $2.20, and buyers are trying to defend prices from further declines. Short-term sales pressure seems to be gradually fading, and if the Bulls can maintain support above this level, they can recover from the seat. However, if XRP fails to recover the $2.40 level very quickly, the bear can control and lower the price further.
The next few days are crucial for XRP price action as the market seeks potential reversals or ongoing downsides.
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Prices higher than key support
XRP’s trading price briefly dropped to $2.05 to $2.22 after XRP shocked the entire cryptocurrency market amid the recent wave of sales pressure. Prices have been working hard to get back to higher levels as fear and uncertainty continue to dominate emotions. Investors are closely watching potential recovery, but are still under control.
To get XRP back on power, the Bulls must keep the price above $2.20 and make sure it is a strong support. Continuous holding at this level may lay the foundation for a recovery rally, with the next key resistance of about $2.40. But if sales pressures intensify and XRP cannot maintain its current support, the $2 mark will be the last stronghold for buyers.
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If XRP is interrupted below $2, there may be further downsides, which may drag the price to lower demand areas. On the other hand, a quick rebound above $2.30 may indicate a change in momentum, allowing the Bulls to regain control and push the price to $2.50 and above. The next few days are crucial for short-term price action for XRP as investors seek signs of strength amidst continued market volatility.
Featured images from DALL-E, charts from TradingView
