XRP May Rebound to $1.40 if $1.34 Support Holds, Analyst Says
Summary
- Ali Martinez said XRP's key buying zone is $1.34.
- He said the next targets are $1.37 and $1.40 if that support level holds.
- XRP was trading at $1.3368 as broader weakness in the crypto market and rising geopolitical risks in the Middle East weighed on prices.
Forecast Trend Report by Period
Ali Martinez identified $1.34 as a key buying zone for XRP.
In a post on X on May 31, Martinez said he is watching the $1.34 level, the lower boundary of a rising channel, as a potential entry point.
If that support holds, the next price targets are $1.37 and $1.40, he wrote.
A rising channel is a technical pattern in which prices move within a defined range while maintaining an upward trend. The lower boundary typically acts as support, while the upper boundary serves as resistance.
XRP has recently fallen to the low-$1.30 range as the broader crypto market weakened and geopolitical risks in the Middle East intensified. As of June 1 Korea time, XRP was trading at $1.3368 on Binance's USDT market, down 0.3% from a day earlier.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
