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Top Trader Buys XRP for Short-Term Trade, Warns He’ll Exit Below Key Level - U.Today
DonAlt, a pseudonymous cryptocurrency trader, has taken a fresh position in XRP.
However, the chartist says that he will exit the position if XRP plunges below the green line
DonAlt, of course, famously predicted XRP’s enormous rally in the fourth quarter of 2024
Recently, he opined that XRP was holding up better than other coins due to its robust user base
This comes after the first pure spot XRP ETF officially received a listing notice in the US
Key level to watch
In July, the token experienced a substantial upward surge, pushing the price to its current all-time high of $3.65
Following the peak, the price entered a clear downtrend, consolidating and forming lower highs and lower lows.
XRP experienced a gigantic price drop in early October with a massive red candlestick, but it quickly recovered from that “flash crash.”
The price has now stabilized and is currently trading in a tight range, roughly between $2.20 and $2.60.
The current price action shows the price breaking above and then testing this level (around $2.40 - $2.50) from above.
If the price successfully holds above the green line, it confirms this level as new support. This could revive XRP’s bullish momentum
A sustained break above the recent highs (around $2.60) and continuation of trading above the green support line could push the token closer to the previous trading range ($2.80 - $3.00)