Cryptocurrency trader and analyst Ali Martinez has shared his analysis on Ripple-affiliated cryptocurrency XRP’s potential future price movement, predicting a significant drop after the asset lost crucial support levels. His warning comes as XRP is experiencing a substantial decline from its recent peak of $3.35 to current levels of $2.97 per coin.
Martinez shared his insights through a social media post on X (formerly Twitter). The chart illustrates that if XRP continues to drop, it might reach levels as low as $2.60 or even dip further down to $2. The analyst’s predictions were based on the asset losing its significant support at the $3 level.
Martinez highlights a recent trend in XRP’s price decline after it dropped over 11% from its peak on August 10th, as reported by CoinGlass. This has resulted in trading levels for XRP hitting their lowest point since August 6th.
The analysis also touches on the broader crypto market context, noting a recent trend of volatility following the price surges and crashes in Bitcoin. It highlights Bitcoin’s surge to its historic peak of $124,457 per coin, fueled by factors like low CPI data and the White House’s recognition of Bitcoin as a treasury asset. However, it also notes the rapid downward trend of Bitcoin after the initial surge, with the asset currently trading at around $115,130.
The article further mentions geopolitical developments in Alaska that may have contributed to the recent market volatility across various cryptocurrencies, including XRP.