TLDR
- XRP price dropped to $2.20 on Monday, marking a 40% decline from its year-to-date high.
- Analyst Ali Martinez predicts a potential rebound for XRP if it holds above the $2.15 support level.
- Martinez suggests that a rise to $2.70 could signal a 25% surge if XRP stays above the key support.
- XRP’s technical chart shows a bullish triple-bottom pattern, with a neckline at $2.68 that would signal further gains if broken.
- Despite the optimistic outlook, there is a risk of further declines if XRP fails to hold $2.15.
XRP price continued its decline on Monday, reaching a low of $2.20. This drop follows a broader crypto market crash, pushing Ripple down by 40% from its year-to-date peak. Despite this, crypto analyst Ali Martinez believes a rebound is possible if XRP holds above key support levels.
Analyst Predicts Potential Rebound for XRP Price Above $2.15
Ali Martinez, a popular crypto analyst, has highlighted the $2.15 support level as crucial for a potential recovery. He suggests that if XRP stays above this level, it could rise between $2.4 and $2.70. “A move to $2.70 would imply a 25% surge,” said Martinez in his recent X post.
Martinez’s analysis centers on the formation of a bullish triple bottom pattern, a strong technical indicator. The pattern consists of three lows, with the neckline at $2.68, suggesting that breaking above it could lead to further gains. If XRP surpasses $2.68, the next target could be the psychological $3 mark.
Despite the bullish outlook, risks remain for XRP price as it faces ongoing resistance. Since July, XRP has formed a series of lower lows and lower highs, indicating persistent downward pressure. A failure to hold above $2.15 could signal further declines, potentially reaching the year-to-date low of $1.7676.
Another factor weighing on XRP’s performance is the death cross formed on November 6. This technical pattern occurred when the 50-day and 200-day Exponential Moving Averages (EMA) crossed, signaling bearish momentum. XRP price has also stayed below the Supertrend indicator, adding to the negative sentiment.
Upcoming ETF Launches Could support XRP Price Gains
XRP’s future price movements may be influenced by upcoming market events, such as the launch of new exchange-traded funds (ETFs). Franklin Templeton will launch its XRP ETF on Tuesday, following the launch of Canary’s fund last week. This new fund has already accumulated over $250 million in assets, making it one of the fastest-growing in the market.
Franklin Templeton’s larger market presence may drive more success for its XRP ETF. The company manages over $1.6 trillion in assets, providing a significant backing for the fund. Analysts expect XRP funds to attract over $8 billion in assets within the first year.
In addition to the ETFs, the financial market will also focus on other key events this week. Nvidia’s earnings report and the Federal Reserve’s minutes will be released on Wednesday. These events could further influence XRP’s price trajectory as investors continue to watch broader market trends closely.
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