XRP Support Level at $1.35 Sparks Short-Term Price Movement Prediction
XRP has been on a sharp correction in recent weeks, losing around 20% of its value in just three weeks. From $1.70 to $1.35 is quite a drop, and crypto analyst Ali Martinez believes this level could be decisive for short-term price movement.
According to Martinez, the pullback in XRP can be attributed to profit-taking by large investors, also known as whales. In the last week alone, these whales have sold or distributed approximately 90 million XRP to different addresses.
The correction has also led to a significant decline in activity on the XRP network. The number of daily active addresses decreased by 90.18%, from 388,492 to 38,163. This indicates a substantial decrease in investor participation during the correction period.
However, it appears that XRP has found strong support around $1.35. Approximately 2.29 billion XRP have changed hands in this price region in the past, making it technically significant.