Ali Martinez, a cryptocurrency trader says that an altcoin aimed at payments must remain above a critical price level in order to avoid a sharp correction.
Martinez warns his 133.500 social media followers that if XRP falls below $2 it will experience a further decline due to a lack in consolidation.
“XRP Testing the Waters! A gap below $2 could push it down to $1.60 .”
According to a chart that cites on-chain data by blockchain analytics platform Glassnode there appears to be an “air hole” between $2.60 and $1.60. This indicates a weak basis for XRP in that particular price range.
At the time of this writing, XRP was trading for $2.56.
The next protocol is layer-1 Solana. Martinez says that SOL will face a big test at the resistance level just a few percent points higher than its current price.
According to the widely-followed analyst, investors of the six-largest cryptocurrency asset by market capital are capitulating due to the net unrealized profits/losses metric (NUPL), which is an indicator on the chain that determines whether coin accumulators are making a profit or a loss.
According to the trader chart, SOL’s NUPL hovers below zero, which indicates that investors are experiencing losses and capitulation.
Solana’s current price is $132, down 55% on the previous high of $293 set in January.
Martinez, who is a fan of the memecoin Dogecoin(DOGE), says the altcoin’s demand has been significant in the past week.
“Whale alert! Dogecoins worth over 110 million dollars were purchased in just one week. The big players bet on a breakout .”
Dogecoin currently trades at $0.173 as of the time this article was written.
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Sources of Images include Pixabay Creative Commons & Midjourney
The post, Trader Issues an Urgent XRP Warning: Top Five Altcoins at Risk for Sharp Corrections – This is His Target could be updated as new information becomes available.
