Cryptocurrency

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 <p class="paragraph">XRP is often haunted by whale movements, such as the recent 440 million XRP whale and Ripple’s monthly <a rel="noopener noreferrer nofollow" title="sell-" href="https://thebittimes.com/tag/sell.html">sell-</a>offs. Moreover, court developments on the SEC vs. Ripple case directly impact the token and investors’ confidence.</p>
 <p class="paragraph">In the meantime, the cryptocurrency trading expert Ali Martinez warned of a possible <a rel="noopener noreferrer nofollow" title="sell-" href="https://thebittimes.com/tag/sell.html">sell-</a>off scenario brewing for XRP. Martinez posted a technical <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> on X (formerly Twitter) on January 18, showing a multi-year trend threatened to break down.</p>
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  <p class="paragraph">“XRP is currently grappling to maintain its footing at the crucial $0.55 support level. Should this support fail to hold, be prepared for a possible <a rel="noopener noreferrer nofollow" title="sell-" href="https://thebittimes.com/tag/sell.html">sell-</a>off scenario that could see XRP descending toward $0.34!”</p> <cite>— Ali Martinez (@ali_charts)&nbsp;</cite>
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 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="666" src="https://cdn.thebittimes.com/images/2024/01/19/17adcfc30c495e59af3767549bae6283.webp" alt class="wp-image-149939" srcset="https://cdn.thebittimes.com/images/2024/01/19/17adcfc30c495e59af3767549bae6283.webp 1024w, https://cdn.thebittimes.com/images/2024/01/19/17adcfc30c495e59af3767549bae6283.webp 300w, https://cdn.thebittimes.com/images/2024/01/19/17adcfc30c495e59af3767549bae6283.webp 768w, https://cdn.thebittimes.com/images/2024/01/19/17adcfc30c495e59af3767549bae6283.webp 1536w, https://cdn.thebittimes.com/images/2024/01/19/17adcfc30c495e59af3767549bae6283.webp 2048w" sizes="(max-width: 1024px) 100vw, 1024px">
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   XRP/USDT perpetual contract daily chart on Binance. Source: <em>@ali_charts</em>&nbsp;
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 <h2 class="wp-block-heading" id="h-xrp-price-analysis-and-possible-bearish-breakout">XRP price analysis and possible bearish breakout</h2>
 <p class="paragraph">Notably, the parallel channel spotted by Ali Martinez dates from 2022, and XRP has so far respected its range. XRP traded as high as $0.92 in July 2023. Meanwhile, reaching its lowest price within the channel between December 2022 and January 2023, at around $0,33.</p>
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       <h3 class="font-bold leading-6 " id="brace-for-strong-xrp-correction-here-s-why">Brace for strong XRP correction; Here's why</h3>
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 <p class="paragraph">As of writing, XRP battles at $0.55, which tests the trend support line. Breaking out of this range would put the token at great peril of re-visiting the multi-year lows.</p>
 <p class="paragraph">However, traders must be aware of possible fake breakouts, which could induce opening short positions just to liquidate them right after in a short squeeze. Despite that, this is a relevant moment for Ripple’s token, which could turn bearish after over a year of a bull run.</p>
 <p class="paragraph">Therefore, XRP holders would like to see a quick bounce from these prices in the next few days. Essentially, consolidating at the range’s lows would favor a future bearish breakout as a show of weakness.</p>
 <p class="paragraph">In the case of a bounce upwards, XRP will need to test the resistance at the range’s medium before continuing a bull rally to the one-dollar mark.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em> The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/xrp-sell-off-alert-analyst-warns-of-crash-to-0-34-tbt77009.html">https://thebittimes.com/xrp-sell-off-alert-analyst-warns-of-crash-to-0-34-tbt77009.html</a></p>

XRP sell-off alert: Analyst warns of crash to $0.34

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