These Are Ripple’s (XRP) Most Significant Price Levels to Watch Before the Next Move
Ripple’s cross-border token experienced a substantial revival toward the end of October, which helped it surge past $2.65 briefly. However, it couldn’t maintain its run and quickly dropped to the current $2.52 even after the positive news on a macro level, such as the Fed’s interest rate cut.
Now, popular analyst Ali Martinez has outlined the most significant support and resistance lines for the asset that might determine the next big move.
XRP’s current price tag means that it’s a low closer to the upper boundaries of its channel, especially the first one at $2.80. If broken, then the asset could challenge the coveted $3.00, which has been a distant dream for almost a month.
On the downside, $2.15 will serve as the first meaningful line of defense if Ripple’s token reverses its trajectory and heads south once again.
The XRP Army expects more volatility in the following weeks due to several factors. A spot XRP ETF might launch in less than two weeks after Canary Capital’s latest update in its filing, which could bypass the typical approval process. If it indeed hits the markets on November 13, the underlying asset could go on a wild price ride.
On the bearish side is the current investor behavior. As previously reported, whales have been disposing of XRP tokens for weeks, but there’s more. Glassnode data shows that long-term holders who accumulated before the price run that began a year ago had “ramped up their spending by 580%, from $38m/day to $260m/day.”
The analytics platform warned that this is a “clear sign of seasoned traders exiting and adding pressure to [the] price action.”
The post These Are Ripple’s (XRP) Most Significant Price Levels to Watch Before the Next Move appeared first on CryptoPotato.
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