XRP, one of the most renowned tokens due to the prolonged legal battle between Ripple Labs and the SEC, has not escaped the sell-off. Over the past week, its value has dropped by 18.50%, reaching $2.11 at the time of this writing.
Moreover, XRP has lost a critical support level near $2.30, which could trigger an even deeper decline. Well-known on-chain data analyst Ali Martinez suggests that the token might fall to levels not seen since the start of Donald Trump's election campaign.
Is XRP Facing a Major Crash?
In a post on social media platform X (Twitter) on February 25, Martinez noted that XRP is losing ground as it exits the ascending parallel channel that had previously supported the coin's growth. The analyst forecasts a further drop to $1.65, indicating a potential decrease of another 22%.
Although the primary factors contributing to the decline do not directly involve XRP, this trend could significantly impact its price in the future. XRP previously had the potential to rise above $3; however, the loss of the $2.30 support level has jeopardized that possibility.
At the same time, there is a chance that XRP's decline may not be as severe, as the token still has support at levels of $2.08 and $1.85. This suggests that it may not reach the bearish target of $1.65.