CryptoHere's What Can Trigger XRP's Next 30% Surge: Analyst

Here’s What Can Trigger XRP’s Next 30% Surge: Analyst

-


TL;DR

  • Ripple’s cross-border token is currently trading around a crucial level that can determine whether it shoots up by double digits or slumps hard.
  • The worst-case scenario, though, sees the asset dropping to $1.3.
XRPUSD. Source: TradingView
XRPUSD. Source: TradingView

The renowned crypto analyst Ali Martinez has outlined multiple times the importance of the $2 support for XRP’s future price movements. The asset tested it on a couple of occasions in the past month, dipping below it twice since March 11.

However, it ultimately withstood the pressure and helped XRP remain among the top performers since the US elections in early November. Moreover, Ripple’s token bounced off quite impressively after the March 11 crash and shot up to $2.6 within the next week.

That price surge transpired after Brad Garlinghouse, the company’s CEO, announced that the lawsuit against the SEC had effectively ended.

Since then, though, XPR has failed to recapture its momentum and slipped below $2 earlier this week, charting a 24% decline amid the escalating Trade War.

As mentioned above, the $2 support remained strong, and XRP now trades at $2.15. Martinez believes holding that level could serve as a propeller for the next leg up, which could push its price north by 30%.

However, he also highlighted a bearish scenario in which $2 is broken to the downside. In this case, the fourth-largest cryptocurrency by market cap risks dropping all the way down to $1.3 as there’s not much support between these two levels given XRP’s explosive surge in November and December last year.

Nevertheless, Martinez is overall predominantly bullish on XRP, as the TD Sequential also recently flashed a buy signal on the daily chart.

SPECIAL OFFER (Sponsored)

Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin!





Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

DEGEN Crypto Up +20% On The Week: Are We Set For A Base Szn?

One of the leading meme coins on the Base network, DEGEN crypto, is up nearly 20% in the...

Mt. Gox wallet with 80,000 BTC attacked via OP_RETURN message

BTC worth over $8B stolen in March 2011 from Mt. Gox is the target of a sophisticated phishing...

OneText raises $4.5M from Y Combinator, Khosla to reinvent shopping by text

The typical online checkout experience has become bloated with friction. And while more companies are building solutions around...

Truth Social Platform’s Parent Company Proposes Blue Chip Crypto ETF

Yorkville America Digital, LLC, in partnership with Trump Media & Technology Group (TMTG) – the company behind President...

Advertisement

Is Ethereum’s Price Ready to Pump?

TL;DR Large Ethereum investors boosted their collective holdings to nearly 27 million coins (22% of supply), signaling strong confidence...

Trump’s Strategic Bitcoin Reserve audit is now five days overdue

According to an executive order signed by Donald Trump, the US government should have audited all of its...

Must read

DEGEN Crypto Up +20% On The Week: Are We Set For A Base Szn?

One of the leading meme coins on the...

Mt. Gox wallet with 80,000 BTC attacked via OP_RETURN message

BTC worth over $8B stolen in March 2011...

You might also likeRELATED
Recommended to you