XRP’s current trajectory has posed many questions for traders, with many wondering if the token can see an upward trend soon.
According to analyst Ali Martinez, XRP is at a pivotal point in time, and its next move may depend on its ability to maintain above the crucial $2 mark.
The prediction comes at a time when XRP is trading at $2.15, up 4.59% after seeing multiple volatile trading session sin the past couple of weeks.
Ali Martinez Predicts XRP’s 30% Rise
Martinez claims that XRP may see a substantial 30% price increase if it can hold onto support at $2. This may take the cryptocurrency closer to the upper limit of its current price channel, which is $2.60.
If broken, this level is seen as a critical resistance level that can indicate more bullish momentum for XRP.
Martinez examines the technical structure of XRP, which seems to be developing a price channel. Maintaining upward momentum requires holding over the $2 support level.
In addition to being encouraging for XRP holders, such a surge might draw more buyers and accelerate the cryptocurrency’s upward trend.
The optimistic outlook might be invalidated, though, if the price retraces and is unable to stay above $2. Investors and traders are keeping a careful eye on this support level in order to predict the short-term trajectory of XRP.
Also Read: Analyst Projects $1.30 Target for XRP After Breaking Head-and-Shoulders Pattern
XRP’s Technical Indicators Also Show Confusing Picture
The technical indications for XRP right now point to a cautious but perhaps optimistic outlook.
Short-term bullish momentum is indicated by the price’s ability to maintain above the crucial $2 support level and the positive slope of the 50-day moving average (MA).
The 200-day MA is still somewhat flat, though, indicating that long-term momentum is still unclear. There is potential for more movement in either direction since the Relative Strength Index (RSI) is circling neutral levels, indicating that XRP is neither overbought nor oversold.
XRP’s Long-Term Holders Resurface: What is Happening?
Long-term holders of XRP are once again building up, a trend that has been seen before market peaks. This pattern may indicate optimism about the asset’s future, but it may also portend an impending price peak.
However, a descending triangle breakdown configuration, which usually indicates a negative trend, has also grappled with XRP as of now. In the event that this trend materializes, XRP may drop 40% and hit $1.21.
Technical indicators and on-chain data are supporting the likelihood of a decline by matching bearish trends seen during XRP’s prior drops in 2018 and 2021.
Concerns regarding possible price weakening for XRP in the near future are being raised by this combination of technical indications and market behavior.
Also Read: Analyst Identifies $2 as Key Support Level for XRP’s Future Price Movement