Renowned analyst Ali Martinez has charted the next important support levels for the Ripple currency, after the currency recorded a new multi-year low yesterday at just over a dollar.
Market observers are still convinced that XRP has reached its most important levels of this cycle, a level that could determine the next major wave, whether up or down.
What’s next?
It’s fair to say that the cryptocurrency market has seen better days, and Ripple is no exception.
The currency’s price approached $1.60 in mid-May before falling back to $1.05 in early June, then rebounding to $1.30, only to be rejected again.
The recent bearish wave pushed it south to $1.01 (on most trading platforms) yesterday.
Ali Martinez commented on the coin’s recent performance, which includes a rebound up to the current level of $1.04, noting that the coin is testing a “major volume block at $1.06”, a large pool that has over 830 million XRP traded.
That made it the most important level to watch above the dollar, but it had broken out at press time.
According to the analyst, this highlights the following main clusters, but they are well below these levels.
The first, with a trading volume of 923 million units, is at $0.80, while the two largest pools – with trading volumes of 1.16 billion and 1.06 billion coins – are at $0.62 and $0.51.
This makes the current level and timing extremely important for XRP.
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