XRP’s recent price consolidations have attracted scrutiny from market participants, with market analyst Ali Martinez anticipating a potential slump towards the $2.80 level. As the third-largest crypto asset continues to maneuver in the fluctuating market, multiple major signals are revealing significant price support regions.
XRP Moves Near $2.80
The data reported today by the analyst disclosed potential zones of crucial price support for XRP. The on-chain data analytics revealed that XRP has historically held its price around $2.80, functioning as a temporary buffer during times of heightened market fluctuations.
However, if the token’s price falls below this zone, the next crucial support for bullish investors is potentially found at $2.48, as pointed out by the analyst. However, this major support could be breached if further selling happens.
XRP’s recent price actions indicate a phase of silent accumulation, with past accumulation behavior pointing to $2.80, according to Ali’s on-chain data. This region has, in the past, functioned as a major support for an upturn momentum, setting the stage for buyer confidence in the case of a scenario of a price drop.
The data identified the $2.28 to $2.80 range as historical price limits. Analysis shows that XRP’s price stays within this limit, indicating that buyers are still in control as sellers test their strength.
Why XRP Preparing For the Next Leg Up
As XRP continues to display dull (sluggish) price action, currently moving $2.86, major events this month have the capacity to rejuvenate its market activity.
First, Ripple Labs, the company powering XRP, continues to broaden its business as institutions and even the US government make movements to integrate XRP into their crypto investments to diversify their reserves.
Furthermore, the SEC has brought significant developments within the crypto industry since Trump’s re-election. The financial regulator has abandoned aggressive, hostile actions against Ripple Labs, and now the two parties embrace strategic collaborations.
Lastly, Ripple Labs continues to widen its borderless payments business for big transactions between major financial organizations.
