XRP Prepares for Potential Breakout to $60 Amid Stronger Jobs Report
XRP saw a decline of 2.83% over the past 24 hours, falling to $1.41. Bitcoin dropped 1.63%. This sell-off led to significant liquidations in XRP, with long traders taking most of the losses.
Crypto analyst Ali Martinez believes that despite this downturn, XRP could be preparing for a major breakout towards $60. However, it must first break through key resistance levels.
The drop was largely due to the stronger-than-expected US jobs report, which weighed on risk assets including cryptocurrencies. The unemployment rate stayed at 4.1% while 162,000 new jobs were added, beating expectations.
According to Martinez, XRP is forming a massive ascending triangle on its monthly chart, with $3.66 as the key resistance level. A close above this level would confirm the breakout and potentially open the door for a larger move.