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Crypto analyst Ali Martinez said that after testing a critical support zone, the $XRP price managed to break through the resistance level, and the $1.70 level has come into play in the short term.
According to Martinez’s analysis, $XRP experienced a strong rally of approximately 71.8%, rising from $0.988 to $1.698. Following this move, $XRP underwent a correction of about 20%, retreating to a key demand zone where investors were heavily trading.
The analyst pointed to on-chain cost distribution data similar to URPD (UTXO Realized Price Distribution), noting that approximately 3.2 billion $XRP changed hands in the $1.35-$1.38 range. According to Martinez, this region is one of the most important support levels for $XRP.
If this support level is maintained, the key resistance levels in upward movements are as follows:
- $1.60: Approximately 1.99 billion $XRP traded.
- $1.68: Approximately 1.98 billion $XRP traded.
- $1.86: Approximately 3.47 billion $XRP traded.
Martinez believes that a break above the $1.86 level could be particularly significant for the price. According to the analyst, a strong break above this region could pave the way for a new upward move for $XRP towards $2.19. It is noted that approximately 3.12 billion $XRP changed hands around the $2.19 level previously.
In a subsequent post, the analyst stated that $XRP had broken through short-term resistance, adding that “the breakout has been confirmed.” Martinez indicated $1.70 as the next target in the current technical outlook.
$XRP is trading at around $1.41 at the time of writing and has gained approximately 1.37% in value over the last 24 hours.
*This is not investment advice.