Is This the Time to Sell XRP? Analysts Eye a Lower Re-entry Point

Key Points

1. XRP dropped to a three-week low of $2.72 and is down over 10% weekly, with the key support level of $3 breached.

2. Analyst Ali Martinez suggests shorting XRP near $2.98 with a target of $2.48 and a stop at $3.18, or buying between $2.40 and $2.20 for a rebound.

3. Michaël van de Poppe aligns with Martinez's target of $2.40, noting that XRP lost the $2.40-$2.60 level but may rise again from there.

4. XRP has closed bearish against BTC, but some analysts believe it will eventually stage a quick recovery.

5. XRP's dominance dropped from over 64% to under 59% in July but has rebounded past 60% as altcoins declined recently.