Key Support Levels for XRP Under Scrutiny After Multi-Year Low
Popular analyst Ali Martinez has identified the next critical support levels for Ripple’s cross-border token, XRP, following its descent to a new multi-year low of just over $1.00 yesterday. Market observers are closely watching this level, which could prove pivotal in determining XRP’s trajectory for the current cycle.
The cryptocurrency market, including Ripple’s native asset, has experienced a significant downturn recently. XRP reached $1.60 in mid-May before falling to $1.05 in early June. A subsequent rebound to $1.30 was short-lived, as the token faced renewed selling pressure, driving it to $1.01 on most exchanges yesterday.
Martinez commented on XRP’s recent performance, noting a bounce to its current trading price of $1.04. He highlighted that the token is currently testing a “major volume block at $1.06,” a significant price area where over 830 million XRP were traded. This level was considered the most crucial above $1.00, but it has since been breached as of press time.
According to Martinez, attention now shifts to the next major volume clusters, which are positioned considerably lower. The first significant area, with 923 million XRP transacted, is located at $0.80. Two larger clusters, with 1.16 billion and 1.06 billion XRP traded respectively, are identified at $0.62 and $0.51.
This juncture is considered highly significant for XRP, a sentiment echoed by CasiTrades. As previously reported, she indicated that XRP has approached its final capitulation level, with calls for further price declines intensifying. However, she believes the current retracement is “doing exactly what it should,” describing it as “perfect market structure.”
The market crash on Thursday resulted in the liquidation of over 200,000 traders, with total liquidations exceeding $1.5 billion. Among those heavily impacted was a prominent Bitcoin and XRP whale. Data from Lookonchain reveals that a single wallet, ending in 0xf79C, saw nearly $48 million in Bitcoin and $28.5 million in XRP long positions liquidated.
The market crash liquidated whale 0xf79C’s longs. His 809.9 $BTC ($47.68M) and 27.92M $XRP ($28.45M) long positions were fully liquidated, resulting in an $8.42M loss.
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