XRP Analyst Sees Breakout Potential as Price Drops

XRP's price has been declining in recent days, dropping 2.83% to $1.41 in the past 24 hours. Bitcoin also saw a decline of 1.63%, and XRP liquidations reached $14.51 million with long traders taking most of the losses.

Crypto analyst Ali Martinez believes that despite this decline, XRP could be preparing for a major breakout towards $60. However, XRP must first break key resistance levels before this bullish move can begin.

The drop in price was partly due to the latest U.S. jobs report showing 162,000 new jobs, beating expectations, while the unemployment rate stayed at 4.1%. This stronger jobs data weighed on risk assets, including cryptocurrencies.