XRP, which is a cryptocurrency used on the XRP Ledger created by Ripple Labs, did not hold onto its price support at $2.00 earlier this month. As a result, its price dropped even further, briefly falling below $1.80. After this dip, XRP managed to recover slightly and stayed above $1.90 for some time.
However, it couldn’t maintain this level. Yesterday, XRP’s price fell below $1.90 again, ending the day at $1.87. Earlier during the day, it touched an intraday low of $1.83 before rebounding slightly.
One well-known cryptocurrency analyst, Ali Martinez, has pointed out that the $1.90 level of support is critical for XRP. He warned that if the price went below this level for good, it might drop all the way to $1.10. He emphasized his concerns in a recent post: “Support is gone for $XRP. $1.10 comes into focus.”
Analysts believe that for XRP to stay in a ‘bullish structure’ (a situation where prices could rise), it must be able to hold the $1.90 level. If it fails to do so, this could indicate a major drop in price.
Looking back, XRP had climbed to $1.95 earlier this week after experiencing double-digit growth in the previous few days. However, this jump triggered something called the “TD Sequential” signal. The TD Sequential is a type of chart-based tool used by traders to predict when prices might go down after a rally. Sure enough, after hitting $1.95, the price began to drop again.
Since July, XRP’s price has generally been falling, losing over 40% of its value in just a few months. Many investors and traders have become increasingly pessimistic about the asset. On social media, discussions about XRP have taken a negative turn. Despite this negativity, the analytics platform Santiment notes that such low sentiment can sometimes lead to a price recovery in the future.
Another potential sign that XRP’s price might rise again comes from the behavior of “crypto whales.” A crypto whale is a person or company that holds a large amount of cryptocurrency. Data from CW, another analytics provider, shows that these whales have recently been buying XRP despite its falling price. This indicates that demand for XRP might still exist.
What’s interesting is that these whales were selling off massive amounts of XRP earlier in the year, especially since October. During this selling spree, billions of XRP tokens were sold. Now, however, it seems they are quietly accumulating XRP again. CW shared this data in a post, saying, “The price of $XRP is falling, but spot taker CVD shows buying is dominant. Despite the price decline, whales are quietly accumulating $XRP.”
In summary, XRP lost key support at $1.90, and some analysts believe its price could fall much further to $1.10. However, there are hints, such as whale activity and historical patterns, that a price recovery could happen after this downturn.