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XRP Recovery of Ripple cross-border tokens is waning
In the past 10 to 12 days, Ripple's cross-border tokens have shown one of the most astonishing recoveries, soaring from just under $1.00 to a multi-month high of $1.70. However, this sharp rise has been contained and momentum has gradually faded, and the asset is currently barely holding at $1.40, down 20% from Saturday's high. Market conditions deteriorated further on Friday after Federal Reserve Chairman Kevin Walsh delivered a hawkish speech in Jackson Hole.
The key test is coming
Well-known analyst Ali Martinez has been tracking major changes in XRP's bottom-level activity in the latest market. It was previously reported that the number of active addresses on the XRP ledger surged by more than 650%, jumping from 47,180 to more than 356,000. At the same time, the giant whales launched an astonishing hoarding operation, acquiring more than 300 million tokens in just 96 hours.
The most critical thing now is whether this demand can prevent the current pullback from turning into a worse situation. Since the $1.70 was blocked, the technical structure has weakened, and the token is struggling around $1.40. Martinez said that meant the asset failed to stand above the 50-week indexed moving average of $1.54.
This has turned attention to the $1.35 -1.38 area, which is currently being tested and is seen as the next important support level. Based on URPD data, analysts pointed out that approximately 3.2 billion XRPs were traded in the region, highlighting their importance.
Another market commentator, CRYSTPTOWZRD, outlined recent structural changes, pointing out that the overall trend of XRP was short and volatile that day, and eventually closed lower. They believe it is crucial to stay above $1.40, but so far this has not been the case.
What are the prospects for breakthroughs?
Martinez also highlighted the most important resistance level to focus on if XRP continues last week's gains. The first resistance is at $1.60, where 1.99 billion tokens were traded. This was followed by $1.68, with trading volume close to the same.
The biggest hurdle is $1.86, where 3.47 billion XRPs were traded. Breaking through this level could open the door to a psychological barrier of $2.00 and a further look at $2.19.
XRP at key support level
After rising 71.8% from US$0.988 to US$1.698, XRP has entered a 20% correction phase and is currently testing a major support area.
According to URPD data, approximately 3.2 billion XRPs are traded between US$1.35 and US$1.38, making it one of the most important demand levels.
