Crypto analyst Ali Martinez stated that after testing a critical support zone, the price of $XRP managed to break through a resistance level, and in the short term, the $1.70 level has come into play.
According to Martinez's analysis, $XRP demonstrated a strong rise of approximately 71.8%, climbing from $0.988 to $1.698. After that, $XRP experienced a correction of about 20%, retreating to a key demand zone where investors actively traded.
The analyst pointed to blockchain cost distribution data, similar to URPD (UTXO Realized Price Distribution), noting that approximately 3.2 billion $XRP changed hands in the $1.35-$1.38 range. According to Martinez, this range is one of the most important support levels for $XRP.
If this support level holds, the key resistance levels during an upward move would be the following:
- $1.60: Approximately 1.99 billion $XRP were sold.
- $1.68: Approximately 1.98 billion $XRP were sold.
- $1.86: Approximately 3.47 billion $XRP were sold.
Martinez believes that a breakout above the $1.86 level could be particularly significant for the price. In the analyst's opinion, a confident breakthrough above this level could open the way for a new upward movement of $XRP towards the $2.19 mark. It is noted that previously about 3.12 billion $XRP were sold around the $2.19 level.
In a subsequent message, the analyst stated that $XRP broke through the short-term resistance, indicating that "the breakout is confirmed." Martinez pointed to the $1.70 mark as the next target in the current technical forecast.
At the time of writing, $XRP is trading at approximately $1.41 and has risen in price by about 1.37% in the last 24 hours.
*This is not investment advice.
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