XRP enthusiasts should brace up for a bumpy ride that will ensue soon, as speculated by Ali Martinez via his latest analysis.
Taking to the popular microblogging platform, “X,” Ali Martinez, a renowned crypto chartist and enthusiast, revealed that XRP is on the verge of orchestrating two opposite scenarios that will largely depend on what happens with the $0.55 support level.
Read Also: Analyst States Bullish Scenarios for XRP Price Ascent Beyond $1. Here’s the Timeline
In brief, Martinez’s claims above imply that XRP is on the brink of either recording a significant drop or surge in value. Either of the two price trends will play out depending on whether XRP breaks above or below the $0.55 resistance mark.
Describing what would happen if XRP fails to maintain the crucial support level, he remarked, “Should this support fail to hold, be prepared for a possible sell-off scenario that could see XRP descending toward $0.34!”
Martinez’s tweet had an attached XRP price chart, which he used to convey more information about his analysis. The subsequent part of this insight will explain what the price chart aims to communicate.
$XRP is currently grappling to maintain its footing at the crucial $0.55 support level. Should this support fail to hold, be prepared for a possible sell-off scenario that could see #XRP descending toward $0.34! pic.twitter.com/6oKObjpnnm
— Ali (@ali_charts) January 18, 2024
Analyzing Martinez’s Displayed XRP Chart
A closer look at the price chart revealed that XRP has been facing potent challenges that have seen the token fail to convert resistance to support levels since around November 2023.
The overall outlook of the price chart depicts a clear picture of considerable declines in XRP’s market valuation, spewing a gloomy outlook for the embattled crypto asset.
XRP enthusiasts will hope for a spontaneous turnaround in XRP fortune to avoid the risk of a massive sell-off, as predicted by Martinez.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Read Also: Here’s When XRP Price Is Projected To Surpass $19
How Does It Compare With Martinez’s Claims?
Per XRP’s data on CoinGecko, the digital asset is priced at approximately $0.55, reflecting a 2.4% decline in the past 24 hours. The previous week saw XRP registered maximum and minimum prices of about $0.55 and $0.60, respectively. These prices say a lot about the significance of the $0.55 price level.
Meanwhile, contrary to Martinez’s assertion, renowned crypto expert Egrag Crypto projected XRP to a potential $2.8 price high, citing historical trends and other technical analysis.
Egrag has remained bullish on XRP for a long time and has always backed up his price predictions with technical analyses. It is left to see what unfolds in the future.
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