XRP's Rally Stalls: Critical Support Level Under Test
XRP's 70% rally has stalled, now testing the $1.35 support level.
1XRP's Impressive Rally
Ripple's XRP token showed an impressive recovery in the last 10-12 days, rising from below $1.00 to $1.70. However, this rally has stalled, and the token is now struggling at $1.40. Fed Chair Kevin Warsh's comments at Jackson Hole negatively impacted the market. XRP retreated from $1.70, falling below the 50-week moving average.
2Surge in Active Addresses
Active addresses on the XRP Ledger surged from 47,180 to 356,000, a 650% increase. Whales (large investors) bought over 300 million tokens in just 96 hours. Can this demand growth prevent further decline? Analysts identify the $1.35-$1.38 range as a critical support level.
3Critical Support Level
According to analyst Ali Martinez, XRP failed to hold above the 50-week moving average at $1.54. Attention has now shifted to the $1.35-$1.38 range. URPD data shows 3.2 billion XRP were traded at this level. CRYPTOWZRD noted XRP was volatile and bearish throughout the day.
4Resistance Levels
Martinez outlined key resistance levels if XRP resumes its rally: $1.60 (1.99 billion tokens traded), $1.68 (similar volume), and $1.86 (3.47 billion XRP traded). Breaking above $1.86 could open the door to $2.00 and even $2.19.
5Technical Indicators
XRP rose 71.8% from $0.988 to $1.698 before a 20% correction. URPD data shows the $1.35-$1.38 range as one of the most important demand levels. Holding this level is crucial for a potential rebound.
6Market Commentary
Analysts emphasize the importance of XRP staying above $1.40, but this hasn't been achieved yet. Intraday volatility creates uncertainty for investors. Fed policies and overall market conditions will determine XRP's short-term performance.
7Whale Activity
Large investors (whales) bought 300 million XRP in the last 96 hours, indicating significant demand. However, it's unclear if this will prevent further price declines. Analysts are closely monitoring whale movements.
8Outlook and Expectations
XRP's short-term future depends on whether the $1.35-$1.38 support level holds. If broken, a deeper correction may occur. If the rally resumes, $1.60, $1.68, and $1.86 could be targeted. Fed policies and market conditions will be decisive.
Original article: CryptoPotato — XRP'nin Yükselişi Durduruldu: Kritik Destek Seviyesi Test Ediliyor