Popular analyst Ali Martinez mapped out the next significant support levels for Ripple’s cross-border token after the asset marked a new multi-year low yesterday of just over $1.00.

Market observers remain convinced that XRP has reached its most critical level in this cycle, one that could determine the next major leg up (or down).

What’s Next, XRP?

It’s safe to say that the cryptocurrency market has seen better days, which weren’t all that long ago. Ripple’s native asset is no exception. The token challenged $1.60 in mid-May before it plummeted to $1.05 in early June. It then rebounded to $1.30, only to be rejected once again. The latest leg down drove it south to $1.01 (on most exchanges) yesterday.

Ali Martinez weighed in on the asset’s recent performance, which included a bounce to the current $1.04. He noted that the token is testing a “major volume block at $1.06,” a significant cluster in which over 830 million XRP changed hands. This has made it the most important level above $1.00 to watch, but it has given in as of press time.

According to the analyst, this puts the next major such clusters in focus, but they are positioned well below these levels. The first, with 923 million XRP transacted, is at $0.80, while the two larger ones, with 1.16 billion and 1.06 billion XRP transacted, are at $0.62 and $0.51.

This makes the current level (and moment) highly important for XRP, which coincides with CasiTrades’ opinion. As reported yesterday, she explained that the token has approached its final capitulation level with people calling for lower and lower prices. However, she believes the ongoing retracement is “doing exactly what it should,” making it the “perfect market structure.”

Whale Wrecked

The Thursday crash wiped out over 200,000 traders, as the total value of liquidations topped $1.5 billion. One of those was a major bitcoin and XRP whale, who got wrecked hard. Data from Lookonchain shows that almost $48 million in BTC and $28.5 million in XRP in longs were liquidated from a single wallet ending in 0xf79C.

Source: CryptoPotato