- Ali Martinez spotted $2.81 as a crucial price level for XRP.
- Users accumulated 1.7 million XRP tokens at $2.81.
- More XRP users accumulated another 1.04 million tokens at $3.2.
Renowned cryptocurrency analyst Ali Martinez has spotted $2.81 as a crucial price level for XRP. In his latest post on X, Martinez described the region as a “Key Support,” noting that users accumulated over 1.7 million XRP tokens at that price level.
$2.81 and $3.04 are crucial levels for XRP
Martinez used the cost basis distribution heatmap indicator to support his submission, revealing the tight range of massive XRP accumulation around the region that he had identified. However, the indicator also revealed another crucial region around $3.2. XRP users accumulated approximately 1.04 XRP tokens around that price.
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Investing massively in XRP in the $2.81 and $3.2 regions supports the overwhelming bullish sentiment around the cryptocurrency. Typically, most users accumulating large volumes of digital assets do so in the expectation that the prices will increase. Therefore, the $2.81 support level resulting from massive token accumulation boosts XRP’s bullish sentiment among investors.
In the meantime, optimistic XRP investors consider the $3.2 price region a potential support, despite the price trading underneath that level at the time of writing. It will become support when XRP’s price returns above that level, considering the massive orders that users placed at that point.
XRP rebounded from the $3.0 psychological support level
According to data from TradingView, XRP traded at $3.12 at the time of writing, closer to the upper region of high accumulation revealed by Martinez. The cryptocurrency bounced off support at $3.0 after a pullback triggered by the US PPI data released within the week, which suggested that the Federal Reserve may not be cutting interest rates soon.
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It is worth noting that XRP maintains a predominantly bullish sentiment, especially since Ripple and the SEC officially filed that the protracted litigation between them be dismissed. Besides, XRP remains one of the cryptocurrencies in the US strategic reserve, and the altcoin is gaining significant traction across the global financial system, potentially serving as a viable payment solution for banks and financial institutions.
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