Before You Buy the XRP Dip, Watch for This Key Trigger (Analyst)

TL;DR

• After skyrocketing past its old all-time high at $3.4 about ten days ago, Ripple’s cross-border token has been unable to maintain above that level.
• Its current correction has taken it down to $3.15. However, one analyst believes it’s still not a proper ‘buy-the-dip’ opportunity.

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XRP has retreated by almost 15% since it peaked at $3.65 on July 18. Although there have been a couple of bullish signs in the past few days, it has been unable to post any significant gains.

Whales’ accumulation spree, in which these large market participants purchased over 130 million tokens in just 24 hours when the asset dipped last Friday, could only help XRP remain above a critical support level at $3.

Now, though, Ali Martinez believes there could be another retracement and retest of that support line. This could happen if XRP loses the support level, which is currently testing at $3.15. If it goes below it, then $3 will be the next major defense line, which could present a “solid buy-the-dip opportunity.”

Ripple’s native token faced some extreme selling pressure at the end of last week, which resulted in the aforementioned nosedive to just under $3. At the time, one of the company’s co-founders reportedly sold off $140 million worth of the asset.

Nevertheless, XRP remains a highly reputable and popular cryptocurrency in the market, especially in Asia, as reported yesterday. It had surpassed the likes of BTC and ETH in terms of trading volumes on South Korea’s biggest crypto exchanges by a long shot.

On a broader scale, another popular analyst reviewed XRP’s potential bear market scenario, which includes a massive pump to $27 and an extremely violent correction to under $1.

The post Before You Buy the XRP Dip, Watch for This Key Trigger (Analyst) appeared first on CryptoPotato.

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