Recent analysis from leading crypto analyst Ali Martinez underscores serious risks for XRP, associating them with a 'death cross' signal.
Analyst's Warning About 'Death Cross'
Ali Martinez has issued a warning for XRP investors, stating that the chart has flashed a 'death cross', occurring when the short-term MVRV value falls below the long-term. Martinez indicated this might suggest a potential market correction.
Price Dynamics of XRP
Following a mid-July peak of $3.65, XRP has sharply declined and is currently trading around $2.99. This 17% drop aligns closely with the death cross event, highlighting rising selling pressure among holders in the unrealized loss territory, increasing the likelihood of panic selling.
Technical Analysis and Key Levels
Current technical levels show XRP struggling to break through short-term resistance at $3.02 and $3.01. A drop below $2.95 could trigger a sharper decline to $2.75 or even $2.50. Conversely, closing above $3.20 could negate the bearish setup.
The XRP market faces mounting risks and uncertainty, according to the latest analysis. Investors should closely monitor technical levels and data to make informed decisions.
