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Crypto analyst Ali Martinez said that $XRP is experiencing a strong technical consolidation, unlike anything seen in a long time, and that this could signal a sharp price movement.
Martinez noted that the Bollinger Bands on the 3-day chart of $XRP have reached their narrowest level in the past year. According to the analyst, this tight volatility indicates a strong breakout is approaching in the market. However, Martinez argued that the current levels are a “no-trade zone” and investors should not take positions without confirmation of the direction.
The analyst stated that the critical range for $XRP is between $1.29 and $1.50. According to Martinez, if the 3-day candle closes above $1.50, a new uptrend in $XRP could be confirmed, and the price could expand towards the $1.80 level.
On the other hand, Martinez stated that a close below the $1.29 level would invalidate the short-term bullish structure, and in such a scenario, $XRP could experience a deeper correction towards the psychologically significant $1 support level.
*This is not investment advice.
thecryptobasic.com
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