XRP Faces Potential Deeper Correction, Analyst Warns

Crypto analyst Ali Martinez warns of a potential deeper correction for XRP, supported by various bearish indicators.

Key Points on XRP's Market Outlook

XRP shows a Tom DeMark Sequential sell signal on the three-day chart, indicating an ongoing pullback.
$2.40 identified as the next key support level; $2.80 serves as a temporary buffer.
Historical data suggests real support starts below $2.48.
Whales have offloaded over 720 million XRP recently, increasing selling pressure.
The Market Value to Realized Value (MVRV) ratio has turned negative, signaling rising downside risk.
Martinez emphasizes that the market needs sustained closes above $3.00–$3.20 to counteract bearish momentum.
Current XRP price stands at $2.93.