XRP Drops 26% in a Month: Could $0.60 Be Next?
XRP (CRYPTO: XRP) has extended its monthly decline to 25.5% after a drop to $1. Crypto chart analyst Ali Martinez highlighted XRP’s rejection at the $1.55 resistance level, which marked the upper boundary of its trading channel. It has since reversed toward the channel’s lower boundary near $0.99, erasing its earlier gains. "Now, $0.99 must hold," Martinez warned. He said a breakdown below that…
XRP has lost 25.5% of its value over the course of a month, dropping to $1. Analyst Ali Martinez noted that the cryptocurrency faced rejection at the $1.55 resistance level, which was the top of its trading channel. Since then, XRP has fallen to the channel's lower boundary near $0.99, wiping out its previous gains. Martinez warned that a break below this support level could push XRP further down to $0.80.
Crypto trader CrediBULL Crypto believes XRP could fall below $0.98 and enter the $0.60–$0.90 range before any potential upward movement. He had previously anticipated a short-term relief rally, but XRP's ongoing decline indicates the market might be heading straight towards the lower levels. CrediBULL thinks a more substantial correction could pave the way for a significant rebound rather than a fleeting bounce.
XRP's decline coincides with Ripple's former CTO, David "JoelKatz" Schwartz, reducing his XRP holdings by 88%, from 26 million to around 3 million tokens. Schwartz also decreased his Bitcoin and Ethereum positions, citing his unease with investment risk.
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