Ripple’s cross-border token, XRP, may still face further turbulence following a recent price crash, with analysts suggesting a potential descent to and below the $0.90 mark.
A Necessary Dip for a Major Rally
However, analyst Ali Martinez, echoing sentiments from EGRAG CRYPTO, believes such a downturn could be a prerequisite for a significant surge toward $3.00 and beyond. In a recent X post, Martinez highlighted that XRP has historically demonstrated a swift rebound nearly every time it has touched a rising trend line, a pattern he describes as marking a “major turning point.” This historical trend suggests that the cryptocurrency has, on a macro scale, rocketed back to $3.00 after such instances. The current trend line, situated between $0.70 and $0.90, is now identified as the next critical support level.
“If buyers defend this zone, a rally back to $3.00 becomes a realistic scenario,” Martinez stated.
His outlook becomes even more optimistic if XRP can overcome an eight-year resistance level that has previously thwarted major breakout attempts. In such a scenario, Martinez projects next macro targets to fall between $8.00 and $13.00.
While these figures may seem ambitious given current market conditions and XRP’s recent drop to a 19-month low, Martinez is not alone in his assessment. EGRAG CRYPTO, another market commentator with a macro focus, has also outlined a similar trajectory for XRP, involving a dip towards $0.90 followed by a long-term recovery to $8.00 or even $13.00.
Whale Activity and Accumulation
Shifting to a more granular perspective, analyst CW has been closely observing activity in the XRP spot trading market. CW noted that “big whales” continue to dominate trading, a trend that has persisted for approximately four years. These large market participants, according to CW, typically lead during accumulation phases and tend to step back when XRP’s price experiences an uptrend. Their heightened activity has been particularly evident since last October, influenced by broader market movements and developments concerning Ripple’s token.
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