- XRP eyes $3.60 as key resistance level nears breakout.
- Whale Alert reports massive XRP transfer, fueling market speculation.
- Martinez predicts $3.60 target as XRP approaches key resistance.
According to market analyst Ali Martinez, XRP is approaching a decisive price level that could determine its next significant move. In his recent chart analysis, XRP is still trading in a descending channel but is currently testing a possible breakout. The main resistance level identified by Martinez is $3.27, and a confirmed break above it may pave the way for a rally to the area of $3.60.
Recent price movement shows that XRP has rebounded off the bottom of its channel and is slowly rising. Its current rally has taken it close to the top of the channel, where it could find more buyers to confirm the bullish breakout.
Technical indicators such as Fibonacci extensions show that there are chances of a further run above $3.50 after clearing the $3.27.
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Large-Scale XRP Transfer Draws Market Attention
In a separate development, Whale Alert reported a significant on-chain transaction involving 19 million XRP, valued at approximately $61.3 million. According to the report, the XRP was sent to an unknown wallet from the cryptocurrency exchange Upbit.
Transactions of this magnitude usually spark speculation among the trading community as to whether they are a buildup or anticipation of a major market activity.
The transaction comes at a time when XRP is approaching a very critical resistance level, further making the current market conditions interesting.
Some traders consider such hefty transfers as an indication that there may be high volatility in the near future.
XRP is squarely in focus, as Ali Martinez’s chart indicates a possible breakout, and the whale transfer indicates a possibility of accumulation. Market participants now look to the $3.27 level as the gateway to the next target of $3.60.
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