- XRP jumps 5%, outperforming Bitcoin and Ethereum in daily gains.
- Death cross appears, analyst warns of possible XRP price correction.
- Support may hold at $2.48 if bearish pressure intensifies.
XRP has broken through the key psychological barrier of $3 on Monday, surging nearly 5% to hit a high of $3.03. While Bitcoin and Ethereum recorded gains of around 0.50% and 2.50% respectively, XRP stood out by surging nearly 5% to now trade at $3.00.
This performance has placed XRP among the top-performing cryptocurrencies for the day. However, amid the excitement, crypto analyst Ali Martinez issued a warning based on technical indicators.
Bearish “Death Cross” Flashes
He pointed out that the MVRV ratio, which measures the market value versus the realized value of a cryptocurrency, has flashed a “death cross” for XRP.
According to his analysis, this could be a signal of impending downside pressure, suggesting the current rally may not be sustainable.
He added that on-chain data shows past buying behavior suggests $2.80 might serve as a temporary cushion for XRP in the event of a pullback. However, real support lies closer to $2.48, meaning the price could fall further if market pressure increases.
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XRP in the News: Too Much Hype?
Adding to his cautious stance, Martinez reacted to a recent USA Today article that called XRP “the smartest cryptocurrency to buy with $500 right now.”
He suggested that such strong bullish sentiment from mainstream media can often be a classic contrarian indicator.
He called the article a “sign of a market top,” a theory which suggests that when mainstream excitement peaks, a price correction is often not far behind.
XRP Long-Term Bullish View Stays
Crypto analyst Egrag has shared a fresh outlook on XRP, based on its 6-month chart. With just under five months left before the candle closes, he said a big price move could still be ahead. While some think XRP may have already peaked, Egrag says he’s still expecting one final, strong rally.
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He shared two possible price targets: $4.89 based on the regular chart and $48.90 using a log scale. That’s a big gap, so he takes the average, pointing to $27 as a potential target.
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