XRP to Drop Below $1? Crypto Analyst Warns Losing This Key Support May Intensify Selling Pressure
Leading cryptocurrency analyst Ali Martinez warned on Sunday that XRP could face additional downside if large holders continue selling.Whales Cashing Out?Martinez said on X that wallets holding between 10 million and 100 million XRP declined from 351 to 339 during the past few weeks, suggesting some major holders may be “reducing their exposure.”The analyst Martinez also highlighted that XRP held on exchanges increased from 11.003 billion to approximately 11.05 billion, adding roughly 50 million tokens to trading platforms.“That’s roughly 50 million more XRP on trading platforms. If large holders continue moving tokens to exchanges, more supply could become available to sell,” Martinez added.XRP WILL DROP TO $0.98 IF WHALES KEEP SELLING1/5 🧵👇Key Levels to WatchMartinez identified $1.26 as the lower boundary of a channel XRP has formed since August, making that level the key support to watch.“A break below that support could first send XRP toward $1.11. The channel pattern ultimately points to $0.98, about 22% below $1.26,” they projected.What’s Next for XRP?XRP’s price has wavered and demand for Ripple USD stablecoin continues to grow.Meanwhile, the crucial Moving Average Convergence Divergence indicator, which compares two exponential moving averages of price, flashed a "Sell" signal for XRP, to TradingView. The Awesome Oscillator, which compares recent market movements to historic market movements, also flipped bearish.The Relative Strength Index, used to spot overbought and oversold conditions, was “Neutral” as of this writing.Notably, derivatives traders were betting on XRP’s rebound. Nearly 78% of top trader accounts on Binance with open XRP positions were positioned long, according to Coinglass,Price Action: As of this writing, XRP is down 1% in the last 24 hours to $1.29, to Benzinga Pro. This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.Preview Photo: Stanslavs on Shutterstock.com