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It was XRP Trading is down Over the past few days Besides the wider Cryptocurrency market. However, despite this calm, XRP price has managed to maintain critical support levels and is currently preparing for a potential recovery.
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Interestingly, technical analysis highlights the $2.20 mark as a key level to watch for XRP moving forward. This was pointed out in an analysis by the famous cryptocurrency analyst Ali Martinez, who emphasized that the next major move for XRP could depend on its results at this threshold.
Key levels to watch: $2.20 support and $2.70 resistance
The cryptocurrency market has faced significant selling pressure since December 17, led by… Bitcoin broke below support levelswhich leads to P.S Price corrections across different cryptocurrencies. XRP, in particular, saw its price drop from $2,708 on December 17 to bottom at $1.98 on December 20. This represents 27% in three days.
After reaching $1.98, XRP price rebounded and regained the $2 price level. At the moment, XRP is now trading at around $2.2, although it is still down 7% on the weekly time frame.
XRP’s movement around the $2.2 price level caught the attention of cryptocurrency analyst Ali Martinez, who suggested two ways the cryptocurrency could go from here. According to Ali MartinezXRP’s ability to hold above the $2.20 support level is crucial to its short-term bullish outlook.
If this level remains intact, the symbol may enter a consolidation phase, but there is still another attempt at the $2.70 resistance level. From here, strong bullish momentum above $2.7 could send the cryptocurrency above $3 for the first time in years. On the other hand, a break below $2.20 could lead to another rapid decline in the price of XRP towards $1.96 before it starts attracting new buying interest.
image From X:ali_charts
Whale Accumulation Rising Amid Cryptocurrency Market Correction
On the chain Data from Santiment It indicates that XRP has captured the attention of whales during the recent downturn. Wallets holding between 1 million and 10 million XRP tokens have collected an additional 80 million XRP since December 17, indicating strong confidence in the token’s long-term potential among whale addresses. This accumulation could provide a cushion against further declines below the $2 level and pave the way for an eventual recovery.
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In addition to the bullish outlook, technical analysis of the XRP price using Elliott Impulse Waves indicates that the recent collapse below $2 may be the end of the second impulse wave, which is a corrective wave. With this in mind, a bullish impulse wave 3 appears It is expected to start anytime soon.
At the time of writing, XRP is trading at $2.27.
Featured image from Tech Xplore, chart from TradingView
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