XRP Faces Potential Collapse, Solana and Qtum Show Signs of Movement
A well-known crypto analyst and trader is sounding the alarm on the future of the payments token XRP, suggesting a significant collapse may be on the horizon. In a recent social media post, Ali Martinez shared his concerns with his followers, pointing to a possible bearish head-and-shoulders pattern forming on the daily chart of XRP.
The head-and-shoulders pattern, a classic indicator of a potential trend reversal, typically signifies a loss of momentum in an asset’s uptrend. Martinez emphasized the importance of XRP holding the $2 support level to avoid a downward spiral. If the support is broken, he predicts that XRP could plummet to $1.255.
As of the latest data, XRP is trading at $2.38, showing a 2.3% increase in the past 24 hours.
Shifting focus to other cryptocurrencies, Martinez also shared insights on Solana (SOL) and Qtum (QTUM). He mentioned that Solana is poised to climb towards the upper boundary of an ascending channel after finding support around $126, a bullish pattern indicating upward momentum. The target for Solana is set at $140.
Currently, Solana is trading at $129, reflecting a 1% increase in the last 24 hours. On the other hand, Martinez highlighted that Qtum might be gearing up for a significant correction, with a potential breakout imminent if it breaches the crucial support level at $1.88.
According to Martinez’s analysis, QTUM could experience a sharp decline to as low as $0.63 if the support level is breached. Currently, QTUM is trading at $2.23, marking a 4.2% increase in the past 24 hours.
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