On Jan. 18, renowned analyst Ali Martinez issued a somber forecast for XRP’s future, warning of a potential crash if a critical support level is breached.
He highlights the current struggle to maintain the crucial $0.55 support level, suggesting that a failure to do so could lead to a sell-off, pushing XRP down to $0.34.
XRP Faces Ongoing Challenges
An examination of the crypto analyst-provided chart reveals ongoing challenges for XRP since early November. Despite efforts to overcome trend resistance within a parallel channel, the cryptocurrency has steadily descended toward its lower boundary, registering a significant loss of over 21.5%. The chart paints a concerning picture of XRP’s downward trajectory.
$XRP is currently grappling to maintain its footing at the crucial $0.55 support level. Should this support fail to hold, be prepared for a possible sell-off scenario that could see #XRP descending toward $0.34! pic.twitter.com/6oKObjpnnm
— Ali (@ali_charts) January 18, 2024
The analyst underscores the precarious situation, emphasizing that the fate of XRP hinges on a buyer’s intervention at the current level to avert another substantial drop.
According to his estimation, should the price drop below the current support level, investors should prepare for a potential further decline of nearly 40%.
This analysis accurately depicts the inherent volatility in the crypto space, as XRP faces a decisive moment that could shape its trajectory in the coming days.
According to Coinmarketcap data, XRP’s current price is $0.551, marking a 2.28% decrease in the last 24 hours.
Meanwhile, CFGI, a reliable tool for gauging cryptocurrency sentiment, indicates a sense of caution surrounding XRP. The sentiment score for “Fear” is at 23%, and other factors also reflect less optimistic sentiments.
