XRP Plunge After Binance Incident: Analyst Reveals Buy-the-Dip Levels
“Those are levels where I’ll look for support; not guaranteed bottoms,” Ali Martinez explained.
ByDimitar Dzhondzhorov
The cryptocurrency market appears set to end the business week deep in the red after the $6.3 billion Binance hack sent shockwaves through the entire sector.
The leading digital assets Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) did not escape the pullback, with one popular analyst suggesting they could plunge even more before attractive buying opportunities emerge.
BTC and ETH
The primary cryptocurrency fell sharply after news of the multi-billion attack, dropping to a six-week low of around $76,500. Bulls temporarily reclaimed some losses and pushed the price above $78,500, but the sell-off continued, and as of press time, BTC trades near $76,700.
Ali Martinez was among the many analysts commenting on the Binance hack that led to the crypto bloodbath, saying that, as reports spread, Bitcoin was rejected after retesting its 50-day moving average, with resistance falling toward $78K. He stated the next level to watch is the 200-day MA near $73,000.
“That’s where I plan to reassess a BTC dip buy,” he added.
For their part, Rekt Fencer drew an interesting parallel between the recent Binance attack, last year’s Bybit hack, and the FTX meltdown in 2022. They noted that each catastrophe was followed by a major BTC price resurgence, claiming “the bottom is in.”
ETH fared even worse than the leading cryptocurrency over the last 24 hours, temporarily slipping below $2,200 and currently trading just above that zone. According to Martinez, the asset appears to have broken under a right-angled ascending broadening pattern on the daily chart, with the pattern pointing to a possible move toward $2K, which could become a buying opportunity if ETH finds support there.
X user Ted also weighed in, noting that the asset tapped the crucial $2,200 zone. He believes a weekly close below this level could open the door to a drop under $2,000.
