During the last week, XRP fell below the level of psychological support of $ 3, since it lost around 7.02% of its price value. Since then, the Altcoin has maintained a constant price consolidation around the region of $ 2.78- $ 2.79, without re-testing the newly formed resistance level. Meanwhile, recent data in the chain have provided some warning market ideas, highlighting a key support zone.
XRP bulls should avoid blocking below $ 2.73 – here is why
In an X Post on September 27, the cryptographic analyst Ali MartÃnez revealed the existence of a price gap between the price levels of $ 2.73 and $ 2.51. The center of MartÃnez’s revelation is the price distribution metric made by UTXO (URPD), which specifies how much XRP was last performed at different price levels, but in relation to its historical maximum.
As an extension of its main function, the indicator quantifies commercial activity at different price levels, which highlights the possible support and resistance areas. According to the table shared by MartÃnez, there is considerable commercial activity in several XRP price areas. However, there is a price range closer to its current value at $ 2.78, within which there has been very little commercial activity.
This price range, established between $ 2.51 and $ 2.73, includes relatively less market activity, creating what MartÃnez describes as a price gap, where there is little support or resistance. The highest limit of the price gap is at the level of $ 2.73, where approximately 1.60 billion XRP were made. A fall below this price would probably result in a straight decrease around $ 2.51, since any little support lies between both price regions. In particular, XRP played $ 2.51 for the last time in July.
XRP price perspective
At the time of writing this article, XRP is valued by approximately $ 2.78 despite a modest gain of 0.78% on the last day. Meanwhile, Altcoin’s daily negotiation volume has decreased by 58.95% and valued to $ 3.02 billion.
According to Coincodex, XRP currently faces the bearish feeling, with merchants that show caution in the midst of moderate market conditions. Meanwhile, the fear and greed index is at 33, indicating fear and lack of a strong purchase impulse. In the last 30 trade sessions, XRP has registered 13 red days, underlining the weakness in recent performance
Despite this, price predictions suggest little volatility ahead, without a significant change in the next five days or during the next month. This indicates that XRP can remain in the range as investors expect clearer market signals or catalysts. With the negative inclined feeling, short -term merchants can exercise caution, while long -term holders continue to monitor possible changes in the broader dynamics of the cryptography market.
