Bitcoin and altcoins experienced a pump and dump following Donald Trump’s strategic crypto reserve and new tariffs imposed on Canada and Mexico. While investors are questioning whether the decline will persist, Ali Martinez, a well-known analyst in the cryptocurrency market, shared his expectations for BTC and XRP.
The analyst warned that XRP is at risk of a significant drop to $1. He indicated that this bearish prediction is based on a head-and-shoulders pattern that has formed on XRP’s daily chart. Highlighting that $2 constitutes the neck of the pattern and serves as a strong support level, the analyst noted that the decline in the last 24 hours forms a shoulder of the pattern.
Lastly, the analyst stated that a potential breakdown below $2 in XRP could trigger a decline, with the price possibly dropping to $1.
What is the Critical Level for Bitcoin?
The analyst also provided insights into Bitcoin, separate from XRP. He remarked that the 50-week moving average has historically held significant importance for Bitcoin’s price, functioning as a magnet for trend changes. He noted that this level for Bitcoin is $75,500 and predicted that a possible recovery could occur from this point.
*This is not investment advice.