2 Critical Warnings for Ripple’s (XRP) Price: Details

TL;DR

• Ripple’s cross-border token soared to $2.45 on Sunday, where it was violently rejected and pushed south to a key support level that could result in further losses if it’s lost.
• At the same time, a big whale with a substantial PnL has reduced their long XRP position.

Back to $2?

It was just this time last week when XRP’s price surged to a multi-month peak of almost $2.7. Although it was stopped there at first, the bulls initiated another leg up on Wednesday that resulted in touching $2.65. However, the breakout attempts saw little success, and the subsequent rejections pushed XRP down to $2.3 by Friday.

The asset recovered some ground over the weekend and even challenged the $2.5 resistance during the brief Sunday pump in the entire market, where it was stopped once again. As of now, Ripple’s token is back to $2.3, which is a critical support level, according to Ali Martinez, that has already been tested on a couple of occasions in the past few weeks.

If the asset breaks below it, though, the popular analyst predicted a further decline to $2, which is another key support line that has defended XRP numerous times since the start of the year.

https://twitter.com/ali_charts/status/1924230013513040015?ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank

Whale Watch Perps, an X account following big whales’ positions, informed that one such large market participant with an impressive PnL record has reduced their long XRP position, which could also be considered a bearish sign.

https://twitter.com/whalewatchperps/status/1924352034720887151?ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank

The Good News

After the previous slip to $2.3, Martinez noted that XRP had flashed a buy signal on the hourly, according to the TD Sequential, which could mean a price reversal is on the horizon.

Additionally, Xoom said on X that the market interest in XRP has been “reset,” given the rising number of Google searches for the asset in the past week after a prolonged period of downtrend. According to the X user, price breakouts appear in precisely such moments.

https://twitter.com/Mr_Xoom/status/1924255613028061397?ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank