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XRP is consolidating around $1.35, with analyst Ali Martinez identifying $1.38 as the key breakout level for a potential move toward $1.60.
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Recent derivatives data offer some support for the bullish case, as XRP rallied strongly while overall futures leverage declined and institutional exposure on the CME increased.
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The setup is far from confirmed: XRP remains below major long-term moving averages, and a break below the $1.31 support could invalidate the near-term bullish structure.
XRP could be approaching a decisive technical move as the token compresses between a heavily traded support zone and resistance around $1.38, according to crypto analyst Ali Martinez.
Martinez, known as Ali Charts on X, said XRP needs to hold the $1.31-$1.35 support zone as it moves toward the apex of its current triangle. A decisive break above $1.38 would confirm a bullish breakout, potentially opening the door to a move toward $1.60.
The setup comes after a volatile week for XRP. The token closed around $1.35 on Sept. 13 after trading as high as $1.43 two days earlier. XRP had fallen 4.4% on Sept. 10 before recovering 1.6% the following session, highlighting the ongoing battle between buyers and sellers around the mid-$1.30 range.
XRP’s $1.31-$1.38 Zone Holds Billions in Supply
There is some onchain evidence behind Martinez’s focus on the current range.
A previous cost-basis analysis shared by Martinez showed that more than 4.8 billion XRP were acquired between $1.31 and $1.38, making this range a potentially important demand zone. If buyers continue defending those levels, the concentration of holders around their acquisition prices could provide support.
But the same data carries a warning. If XRP falls decisively below $1.31, holders who bought within the range would go underwater, potentially turning what currently looks like support into overhead resistance during a recovery.
Resistance also extends beyond $1.38. Martinez’s earlier analysis identified approximately 1.99 billion XRP acquired at around $1.60, followed by another 1.98 billion at around $1.68. That suggests $1.60 is better viewed as the next major test following a breakout rather than an unobstructed upside target.
Derivatives Data Show Less Speculative Leverage
Recent futures positioning provides another potentially constructive signal.
Total XRP futures open interest fell roughly 16% between Aug. 17 and Aug. 31, from 2.77 billion XRP to 2.34 billion XRP, even as XRP rallied almost 40%. That divergence suggests the rally was not simply driven by traders aggressively increasing leverage.
Source: finance.yahoo.com