XRP Battles Critical $2.20 Support Level — Will It Target $2.70 Or Slip To $1.96?
22 Décembre 2024 - 7:00PM
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XRP has been trading in a decline over the past few days alongside
the broader cryptocurrency market. However, despite this lull, the
XRP price has managed to maintain its critical support levels and
is currently positioning itself for a potential recovery.
Related Reading: Ethereum Investment: Trump Crypto Project Grabs
722 ETH At $2.5 Million Interestingly, technical analysis
highlights the $2.20 mark as a key level to watch for XRP going
forward. This was noted in an analysis by popular crypto analyst
Ali Martinez, who emphasized that XRP’s next major move could hinge
on its outcome on this threshold. Key Levels To Watch: $2.20
Support And $2.70 Resistance The cryptocurrency market has faced
significant selling pressure since December 17 led by Bitcoin’s
break below support levels, leading to notable price corrections
across various cryptocurrencies. XRP, in particular, saw its price
fall from $2.708 on December 17 to bottom at $1.98 on December 20.
This represented a 27% in three days. After it reached $1.98, the
XRP price rebounded and regained the $2 price level. As it stands,
XRP is now trading around $2.2, although it is still down by 7% in
the weekly timeframe. XRP’s movement around the $2.2 price
level has captured the attention of crypto analyst Ali Martinez,
who suggested two ways the cryptocurrency can go from here.
According to Ali Martinez, XRP’s ability to hold above the $2.20
support is crucial for its short-term bullish outlook. If
this level remains intact, the token might enter a consolidation
phase, but another attempt at the $2.70 resistance remains in play.
From here, a strong bullish momentum above $2.7 could as well send
the cryptocurrency above $3 for the first time in years. On the
other hand, a break below $2.20 could trigger another quick XRP
price decline toward $1.96 before it starts to attract fresh buying
interest. Image From X: ali_charts Whale Accumulation Up Amid
Crypto Market Correction On-chain data from Santiment suggests that
XRP has captured the interest of whales during this recent
downturn. Wallets holding between 1 million and 10 million XRP
coins have accumulated an additional 80 million XRP since December
17, which points to strong confidence in the token’s long-term
potential among whale addresses. This accumulation could provide a
cushion against further declines below the $2 mark and set the
stage for an eventual recovery. Related Reading: Dogecoin Dives:
$29 Million Disappears During Market Collapse —Data Adding to the
bullish outlook, technical analysis of the XRP price using Elliot
impulse waves suggests that the recent crash below $2 might be the
end of the second impluse wave, which is a corrective wave. With
this in mind, bullish impulse wave 3 is expected to start anytime
soon. At the time of writing, XRP is trading at $2.27. Featured
image from Tech Xplore, chart from TradingView
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