欧意OKX
类型:金融理财
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XRP is often haunted by whale movements, such as the recent 440 million XRP whale and Ripple’s monthly sell-offs. Moreover, court developments on the SEC vs. Ripple case directly impact the token and investors’ confidence.
In the meantime, the cryptocurrency trading expert Ali Martinez warned of a possible sell-off scenario brewing for XRP. Martinez posted a technical analysis on X (formerly Twitter) on January 18, showing a multi-year trend threatened to break down.
“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!”
— Ali Martinez (@ali_charts)
XRP/USDT perpetual contract daily chart on Binance. Source: @ali_charts
Notably, the parallel channel spotted by Ali Martinez dates from 2022, and XRP has so far respected its range. XRP traded as high as $0.92 in July 2023. Meanwhile, reaching its lowest price within the channel between December 2022 and January 2023, at around $0,33.
As of writing, XRP battles at $0.55, which tests the trend support line. Breaking out of this range would put the token at great peril of re-visiting the multi-year lows.
However, traders must be aware of possible fake breakouts, which could induce opening short positions just to liquidate them right after in a short squeeze. Despite that, this is a relevant moment for Ripple’s token, which could turn bearish after over a year of a bull run.
Therefore, XRP holders would like to see a quick bounce from these prices in the next few days. Essentially, consolidating at the range’s lows would favor a future bearish breakout as a show of weakness.
In the case of a bounce upwards, XRP will need to test the resistance at the range’s medium before continuing a bull rally to the one-dollar mark.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
