<figure><img src="https://u.today//sites/default/files/styles/1200x900/public/2023-06/36111.jpg" alt="Cover Image" width="800" height="500"><figcaption> Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a></figcaption></figure>Renowned cryptocurrency analyst <a href="https://twitter.com/ali_charts/status/1668580665581789185?s=20" rel="noopener noreferrer nofollow">Ali Martinez</a> has sounded the alarm on XRP's recent price action. In a tweet, Martinez cautioned traders against falling into a potential price trap, advising them to exercise caution before making any hasty moves. The analyst noted that XRP previously surpassed the $0.55 mark, enticing breakout traders to go long, only to experience a sudden reversal that left them "rekt."<blockquote class="twitter-tweet"><a href="https://twitter.com/hashtag/Ripple?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Ripple</a> | This isn't the first time <a href="https://twitter.com/search?q=%24XRP&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$XRP</a> price moves past $0.55, luring breakout traders into a long position to then get them <a href="https://twitter.com/hashtag/rekt?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#rekt</a> with a full reversal.For this reason, you must wait for confirmation before going ape on <a href="https://twitter.com/hashtag/XRP?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#XRP</a>. <a href="https://t.co/OS4nV34sIV" rel="noopener noreferrer nofollow">pic.twitter.com/OS4nV34sIV</a>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1668580665581789185?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 13, 2023</a></blockquote><a href="https://u.today/xrp-suddenly-gains-7-as-big-reveal-made-in-ripple-lawsuit" rel="noopener noreferrer nofollow">card</a>To provide further clarity, Martinez shared a chart indicating the critical price level for <a href="https://u.today/xrp-suddenly-gains-7-as-big-reveal-made-in-ripple-lawsuit" rel="noopener noreferrer nofollow">XRP</a> consolidation, which stood above $0.54 per token. This consolidation would require the candle to close above this threshold, with longer time frames being preferable.<img alt="" src="https://u.today/sites/default/files/inline-images/XRP_1D_graph_coinmarketcap_2.jpeg">XRP to USD by <a href="https://coinmarketcap.com/currencies/xrp/" rel="noopener noreferrer nofollow">CoinMarketCap</a>Shortly after breaking through a crucial resistance level, XRP encountered selling pressure and the price dipped below $0.54. This outcome seems to validate Martinez's cautionary words and highlights the importance of confirming price movements through candlestick patterns. However, it remains essential to monitor the candle's closure on larger time frames, such as the four-hour or daily charts, to make a more accurate assessment.<a href="https://u.today/xrp-paints-divergence-ahead-of-hinman-docs-release" rel="noopener noreferrer nofollow">card</a>In addition to technical factors influencing XRP's price movement, fundamental factors have also come into play. Recently, the long-awaited <a href="https://u.today/ripple-ceo-hints-at-crucial-information-in-pending-hinman-documents" rel="noopener noreferrer nofollow">Hinman</a> documents pertaining to the <a href="https://u.today/ripple-submitted-6-new-filings-in-ongoing-lawsuit-with-sec-details" rel="noopener noreferrer nofollow">Ripple</a> lawsuit, were made public. These documents, involving a former SEC official, were anticipated to shed light on the ongoing three-year legal battle against Ripple and XRP.Nonetheless, as is customary with such fundamental events, the impact on XRP's price appears to have already been factored in by the market. Furthermore, contrary to expectations, the disclosure of these documents failed to trigger the anticipated market boom.

XRP Price Trap Alert: Analyst Issues Warning

U.Today

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