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Analysts Eye XRP at $2.62 for Potential Market Shake-Up
A recent pullback has caused a significant 8.15% drop in the price of XRP, resulting in it trading at $2.18 as of press time. This unexpected downturn has broken a bullish breakout pattern, raising concerns about the altcoin’s short-term trend.
However, some analysts believe that a rebound to $2.62 could have severe consequences for the market. According to Ali Martinez, once XRP reaches this price level, approximately $20.50 million worth of short positions will be liquidated.
Martinez posted on Twitter, highlighting the potential impact of XRP’s rebound to $2.62: “$20.50 million in short positions will be liquidated if $XRP rebounds to $2.62!”
Despite the recent pullback, XRP remains within a bullish market structure. However, it has failed to demonstrate strong upward momentum, and its price has been capped by the resistance levels of $2.90-$3.00. The cryptocurrency’s ability to hold support at $2 is crucial in maintaining hope for a rebound.
If XRP breaks below this key level, it may trigger further sell-off signals, which could be detrimental to its short-term outlook. In contrast, if it can break the nearest resistance levels between $2.30-$2.31 and then continue higher, the market may shift from a bearish trend back into a bullish one.
The fact that XRP has managed to hold support at $2.05 maintains the possibility of a rebound. If this cryptocurrency drops to $1.90, it could potentially trigger a shift towards a bearish trend.
Source: cryptotale.org
