As XRP consolidates, prominent analyst Ali Martinez calls attention to the support level it must hold to build bullish momentum.
The market commentator’s disclosure comes amid the ongoing market uncertainty that has kept XRP grounded at the $2 territory. Recall that XRP relinquished the $3 psychological mark earlier in the month and has failed to recover it over the past few days.
Now, with the market reacting mildly to concerns of a potential trade war amid President Donald Trump’s plans to increase tariffs on aluminum and steel, the bears are looking to push XRP below $2 again. An attempt came up on Feb. 9, but XRP held strong above the $2.31 support.
XRP Must Hold Above $2.27
As uncertainty grips the scene, Martinez says XRP must maintain its position above $2.27. In his latest XRP price analysis, the market watcher showed that XRP has been moving within an upward parallel channel on the 4-hour chart since early December 2024.
#XRP holding above $2.27 could build the momentum needed for a rebound toward $3! pic.twitter.com/MWmdV0TIBH
— Ali (@ali_charts) February 10, 2025
The upward direction of the channel indicates that despite the recent turbulence, XRP remains in an uptrend, as evidenced by the higher lows. However, it appears the crypto asset is on the verge of losing this uptrend.
Data from the chart shows that XRP has slipped below the median line of the parallel channel and is now retesting the lower trendline amid the latest short-term downturn. So far, the altcoin has retested the lower trendline twice this month alone but has always rebounded off the support.
Martinez has identified the last major support as $2.27, aligning with the Fibonacci 23.6% retracement level. Particularly, if XRP breaches below this $2.27 support, it will likely drop underneath the parallel channel, essentially invalidating the ongoing uptrend.
As a result, the analyst suggested that XRP must hold above this $2.27 level. He believes, as long as the altcoin maintains a position above this support, it can resume the bullish push and build the momentum necessary to finally reclaim the $3 mark, currently at the 78.5% Fibonacci retracement.
XRP Consolidates as Market Awaits Clear Direction
Don, an order book expert, has also emphasized the importance of XRP holding above its major support while trading within a key value area. According to him, XRP has behaved as expected, stabilizing within this range over the past week.
He noted that the highest-traded volume level since the last major market event sits at the center of XRP’s current price range, as XRP changes hands at $2.49. This suggests the asset is fairly valued, with neither buyers nor sellers dominating.
However, he believes XRP’s next move will depend on BTC’s direction, since Bitcoin often dictates the direction of the broader market. Nonetheless, he called attention to the firstborn crypto’s four consecutive daily doji candles.
In his analysis, he outlined key price levels to watch. If XRP breaks above $2.50, he sees potential for a rally into the $2.70s. Conversely, if the price falls below $2.30, it could trigger a move toward the lower $2.00 range.
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