Ripple (XRP) Is Finally Ready for a Big Price Move: Analyst

The question is: in which direction is XRP heading next?

Ripple’s cross-border token has been trading in a relatively tight range for about a month and even a smaller one for the past week or so.

However, popular analyst Ali Martinez believes this sluggishness is nearing an end as the asset prepares for a big price move.

Major Move Ahead for XRP?

Martinez’s analysis begins by acknowledging the triangle in which XRP has been consolidating for a while. Now, though, it has approached the apex, which means that “the probability of a large price move increases.”

However, he noted that triangles can be broken in either direction, which is why it’s still uncertain where XRP is headed. He advised his over 165,000 followers to keep an eye on the most key levels of support and resistance, located at $1.41 and $1.43, respectively.

It’s worth noting that the token tested and even briefly surpassed the upper boundary in the early Monday morning hours after reports claimed that Iran has proposed a new deal to end the war permanently to the US. However, it was rejected there and currently trades at the aforementioned support, which, if broken, could lead to a more profound decline, according to Martinez.

Fellow analyst CW outlined the recent rejection at $1.45, which they categorized as a “short-term decline,” but reassured that “there is no downward momentum.”

https://twitter.com/CW8900/status/2048654803019121149?ref_src=twsrc%5Etfw” target=”_blank

You may also like:

The Resistance That Needs to Fall

Ted Pillow, another very popular crypto analyst on X, also spoke about XRP’s sluggishness in the past few weeks, even when BTC climbed to a 12-week peak at almost $80,000. He believes this sideways action has “led both bulls and bears to get aggressive,” building a “decent chunk of short-side liquidity” above $1.50 and a similar liquidity cluster below $1.40.

CRYPTOWZRD, on the other hand, outlined the significance of the $1.445 resistance, which, as mentioned above, was tested earlier today but didn’t give in. They explained that if the Ripple bulls want to take the token higher, they need to reclaim that level, but for now, XRP’s position remains “indecisive.”