Trader Issues Urgent XRP Alert, Says the Top-Five Altcoin at Risk of Sharp Correction – Here’s His Target

Cryptocurrency trader Ali Martinez recently shared his insights on the current state of the altcoin market, highlighting key price levels that certain digital assets must maintain to avoid significant corrective moves. Martinez, who commands a substantial following of 133,500 on X, pointed out that XRP (XRP) is at risk of a steep drawdown if it falls below the $2 mark. He expressed concern over a potential gap in support between $2 and $1.60, indicating a lack of consolidation at lower price levels.

Presenting a chart sourced from blockchain analytics platform Glassnode, Martinez emphasized the precarious position of XRP, which is currently trading at $2.56. The chart suggests an “air gap” between the current price and $1.60, further underscoring the importance of maintaining key support levels for the cryptocurrency.

Moving on to Solana (SOL), Martinez highlighted a crucial resistance level at $135, describing it as a significant test for the layer-1 protocol. He noted that investors in SOL are exhibiting signs of capitulation based on the altcoin’s net unrealized profit/loss metric (NUPL), which indicates whether holders are in a state of profit or loss. A chart provided by Martinez shows that SOL’s NUPL is below the zero line, signaling investor losses and potential capitulation.

Solana is currently trading at $132, down approximately 55% from its all-time high of $293 reached on January 20th. Martinez’s analysis suggests that SOL is facing considerable selling pressure, with investors grappling with losses in the current market environment.

Shifting focus to Dogecoin (DOGE), Martinez highlighted a surge in demand for the meme-inspired cryptocurrency, pointing out that over 110 million DOGE were purchased in a week. This significant accumulation by institutional players indicates a bullish sentiment and potential breakout for DOGE.

Dogecoin is currently trading at $0.173, with Martinez’s analysis suggesting strong support for the altcoin amidst heightened buying activity. The chart provided by Martinez underscores the positive momentum behind DOGE, driven by increased institutional interest and demand.

In conclusion, Martinez’s analysis provides valuable insights into the price movements of XRP, SOL, and DOGE, highlighting key support and resistance levels for each cryptocurrency. Investors and traders can use this information to make informed decisions in a volatile market environment. Stay updated on the latest developments in the cryptocurrency space by following Martinez on X and other social media platforms. Subscribe to receive email alerts and stay ahead of price action in the ever-evolving digital asset market.