- The supply in profit hit high levels, suggesting a rise in realized gains.
- XRP’s momentum remained bearish, indicating a possible significant decline.
XRP fell to $0.55 on the 18th of January, indicating that the token risked dropping below the crucial support zone. Since the new year began, AMBCrypto has tracked XRP’s performance. At press time, it had lost 12.64% of its value on a Year-To-Date (YTD) basis.
But analyst Ali Martines thinks that seller exhaustion won’t occur anytime soon as the price could drop as low as $0.34. If that happens, it would mean another 38% correction for XRP.
$XRP is currently grappling to maintain its footing at the crucial $0.55 support level. Should this support fail to hold, be prepared for a possible sell-off scenario that could see #XRP descending toward $0.34! pic.twitter.com/6oKObjpnnm
— Ali (@ali_charts) January 18, 2024
No days off for the bears
As stated above, Martinez’s opinion was because of XRP’s slip below the ascending channel. If the price had risen above the channel, XRP could have bounced above the lower boundary. But since it slid, a movement down the chart looked likely.
An assessment of analysis tool Santiment showed that the decline could also be linked to intense profit-taking.
According to data from the crypto intelligence platform, the perce
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Author: Victor Olanrewaju
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