After decisively losing the $2.00 support earlier this month and even dipping below $1.80 briefly, Ripple’s XRP managed to find some relief above the next key line of defense at $1.90.
However, that level also gave in yesterday, and the asset closed below it, currently sitting at $1.87, even after rebounding from the intraday low of $1.83.
Popular crypto analyst Ali Martinez outlined the significance of this support once again. He noted that with $1.90 gone, XRP could be on the verge of a massive price slump to $1.10.
Analysts have been adamant that XRP needs to maintain above $1.90 to remain in a bullish structure, but a breakdown below that level could invalidate it.
Recall that the asset jumped to $1.95 earlier this week after surging by double digits in the previous few days. However, that triggered a sell signal from the TD Sequential, a sign that typically leads to an immediate retracement.
Given XRP’s overall correction since July, losing over 40% of its value in months, the crowd has turned mostly bearish on the asset, with the negative social media commentary skyrocketing. Santiment, though, noted that this could be a blessing in disguise for XRP, claiming that such instances have led to price recoveries in the past.
Another possible reversal sign for Ripple’s cross-border token could be the behavior of whales. According to data from CW, such large market participants have been “quietly accumulating XRP” as the spot taker CVD shows buying is more dominant than selling.
This would be an interesting change of heart by Ripple whales, which were on a massive selling spree since early October, disposing of billions of tokens since then.
The post XRP Loses Crucial Support: Is $1.1 Inevitable? appeared first on CryptoPotato.
Source: https://cryptopotato.com/xrp-loses-crucial-support-is-1-1-inevitable/
