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XRP’s Crucial Price Gap – What It Means for Ripple’s Future
TL;DR
The chart by the popular analyst highlights XRP’s price gap positioned between $2.51 and $2.73. It’s identified using Glassnode’s UTXO Realized Price Distribution (URPD), a metric tracking the price at which existing tokens were last transacted. It suggests potential market resistance or support levels based on historical data.
The graph highlights several similar gaps on XRP’s chart, but most of these (although more significant) are positioned further below the current levels. As such, Martinez doubled down on his belief that the $2.71 support is crucial in determining the asset’s future behavior.
As reported earlier this week, he noted that if XRP successfully defends that level, which it has over the past few days, it could bounce back toward its all-time high of $3.60.
Other analysts outlined two more plausible scenarios for the asset’s upcoming moves, which include a surge beyond $3.20 or a substantial decline below that price gap to $2.20. According to ERGAG CRYPTO, this move lies on whether XRP can indeed remain above the $2.70 support.
The XRP Army also remains bullish as one of its most vocal and popular members, going under the X handle Cobb, predicted that Ripple’s underlying asset will “never trade below $2.50 again.”
For now, XRP remains around $2.80 after bouncing off the aforementioned support. However, it’s still 7% down weekly and was surpassed by Tether’s USDT in terms of market cap.