News/CryptoLettuce/Key Indicators Signal Potential Downturn for Ripple’s (XRP) Price Outlook
Ripple’s cross-border token, XRP, reached a noteworthy $2.45 on Sunday but was dramatically repelled, driving it back to a pivotal support level. A continuation of this trend could spell additional losses. Meanwhile, a significant whale with a considerable profit and loss track record has downsized their long XRP position, adding to the bearish outlook.
Just a week ago, XRP’s price spiked to a considerable several-month high of nearly $2.7. Initial attempts to break out were halted, but bullish activity on Wednesday led to a peak of $2.65. These breakout efforts fell short, and subsequent rejections drove XRP down to $2.3 by Friday.
The asset regained some momentum over the weekend, even testing the $2.5 resistance during Sunday’s market-wide pump. However, it was once again halted. Currently, Ripple’s token stands at a crucial $2.3 support level. According to Ali Martinez, this level has served as a significant support line on multiple occasions over the past weeks.
If the asset plunges below this level, Martinez forecasts a further slide to $2, another significant support line that has shielded XRP many times since the year’s commencement.
Whale Watch Perps, an account tracking substantial whale activities, revealed that a major market player with a strong profit and loss record has trimmed their long XRP position – a potentially bearish sign.
But there’s a silver lining. After the previous dip to $2.3, Martinez observed a buy signal for XRP on the hourly chart, as indicated by the TD Sequential. This could hint at a potential price reversal.
Moreover, Xoom noted that there has been a “reset” in market interest in XRP, as evidenced by the increased Google search volume for the asset after an extended downtrend. According to Xoom, price breakouts often occur in such scenarios.
