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A cryptocurrency trading expert has identified a key $XRP support level to watch as the asset continues to hold above $1.35 amid its recent rally.
After falling about 20% from $1.70 to $1.35, market analyst Ali Martinez has identified $1.35 as the most important level for traders to monitor as $XRP attempts to stabilize following its recent pullback.
According to on-chain data shared by Martinez in an X post on September 12, $XRP has found critical support around $1.35, where approximately 2.29 billion tokens previously changed hands.
The analyst noted that the level remains decisive for the asset’s near-term direction following a period of heavy profit-taking and weakening network participation.
The correction has coincided with whale selling activity. Data from Santiment shows large holders sold or redistributed roughly 90 million $XRP over the past week, contributing to downward pressure on the cryptocurrency.
At the same time, $XRP network activity has slowed sharply. Daily active addresses declined by more than 90%, dropping from 388,492 to 38,163, signaling a significant reduction in user participation during the recent correction.
Meanwhile, Martinez’s URPD (UTXO Realized Price Distribution) data highlights $1.35 as one of the largest concentration zones of $XRP holdings. Such areas often act as major support because many investors acquired tokens near those prices and may defend their positions during declines.
If $XRP manages to hold above $1.35 and reclaim the $1.38 level, Martinez believes the next upside targets could emerge at $1.60 and $1.68.
Notably, nearly 2 billion $XRP previously traded around each of those price zones, making them important resistance levels.
$XRP price analysis
Overall, market data from recent sessions suggests traders are already focusing on the $1.35-$1.38 range. Several analysts have identified the area as a key demand zone following $XRP’s retreat from its August highs.
A sustained move above $1.38 could strengthen the case for a recovery toward higher resistance levels, while a breakdown below support may expose the token to deeper losses.
Despite the recent correction, $XRP continues to trade above several long-term moving averages, suggesting that the broader trend remains intact. The cryptocurrency has been consolidating near the $1.38 region after its August rally, with traders watching for signs of renewed buying momentum.
Following the recent price movement, $XRP remains technically bullish, trading above both its 50-day SMA of $1.21 and 200-day SMA of $1.27, suggesting the broader uptrend is still intact despite the pullback.
However, the cryptocurrency’s 14-day RSI stands at 52.87, indicating neutral momentum and balanced buying and selling pressure.
The reading is neither overbought nor oversold, leaving room for $XRP to move in either direction depending on market sentiment.
Source: cryptonews.net