The post 2 Metrics Indicate Ripple (XRP) Price Faces Trouble After Recent Surge to $2.60 appeared on BitcoinEthereumNews.com.

TL:DR; XRP’s price went on an unexpected run on Saturday night, surging to a multi-week peak of $2.6 before correcting slightly. However, some on-chain metrics suggest that the asset could face trouble in the following days, especially if it fails to close above $2.47. XRPUSD. Source: TradingView As reported on Saturday evening, XRP’s rally drove the asset from $2.33 to $2.5 and later to $2.6, which represented an 11.5% surge within less than 24 hours. Although the asset has lost some steam since then and currently sits at $2.51, it’s still over 6% up on the day. This came shortly after reports emerged that whales had amassed more than a billion XRP tokens within a mere 48-hour period during the most recent correction in the middle of the business week. However, this is where the popular crypto analyst Ali Martinez sounded the alarm about a potential drawback for XRP’s price. At first, he pointed out that the TD Sequential, a technical indicator used to show the market exhaustion in either direction, had flashed a sell signal on the 4-hour chart. Nevertheless, this bearish formation will be invalidated if the asset closes above that line, which it still maintains. The TD Sequential presents a sell signal on the $XRP 4-hour chart, anticipating a brief correction. The bearish formation will be invalidated if #XRP closes above $2.47! pic.twitter.com/CrW303RTaT — Ali (@ali_charts) January 11, 2025 Additionally, Martinez highlighted a growing number of short positions opened when XRP peaked at $2.6. Recall that Ripple’s cross-border token was among the few with notable gains on Saturday evening while the rest of the market stood silently. Many traders might have anticipated a short-term correction due to XRP’s divergence from the pack, which indeed occurred to the current levels. The question now remains whether the cryptocurrency will…

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Filed under: News - @ January 12, 2025 9:14 am