XRP Could See Major Selloff Soon, Says Analyst
If XRP’s key support level of $0.55 collapses soon according to crypto expert Ali Martinez, XRP’s token could plunge as low as $0.34, as a possible sell-off scenario could soon ensue.
XRP Could Be Headed For Year-On-Year Lows
XRP could soon find itself at $0.34, a range not seen in over a year, as per Martinez, and the token has seen a 45% surge over the last 12 months but can’t surpass the $1 mark and is down 9% over the past week as a result.
Maintenance Of Parallel Channel For XRP
XRP has maintained a parallel range channel since 2022, struggling to rise above the $1 mark that its seen in July 2023, up from a low of $0.33 in late 2022, currently at a critical support level around $0.55 testing the lower boundary of the trend line.
Continued Growth for XRP
XRP recently reached 5 million wallets, up one million from the start of the previous year, and has experienced higher transaction numbers as well, suggesting significant adoption, and a potential surge to $27 per token following Ripple’s legal victories over the SEC.
Ripple’s Legal Battle With SEC Could Dictate XRP’s Future Performance
Ripple’s lawsuit from the SEC 2020 has seen significant progress with Judge Analise Torres determining that XRP was only a security when Ripple sold it to institutional investors not to the general public due to certain details not being available to the public.
Hot Take: XRP Token’s Price Could Plunge To $0.34 Due to Failed Support Level
As XRP struggles with a vital support level, the token could soon plummet as low as $0.34, causing a significant sell-off scenario, restricting the coin to year-on-year lows, creating risks for the token.
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