TL;DR

After skyrocketing past its old all-time high at $3.4 about ten days ago, Ripples cross-border token has been unable to maintain above that level. Its current correction has taken it down to $3.15. However, one analyst believes its still not a proper buy-the-dip opportunity. If $XRP loses the $3.15 support level, a pullback to $3 becomes likely, which could present a solid buy-the-dip opportunity! pic.twitter.com/peZEkuwtEu

XRP has retreated by almost 15% since it peaked at $3.65 on July 18. Although there have been a couple of bullish signs in the past few days, it has been unable to post any significant gains.

Whales accumulation spree, in which these large market participants purchased over 130 million tokens in just 24 hours when the asset dipped last Friday, could only help XRP remain above a critical support level at $3.

Now, though, Ali Martinez believes there could be another retracement and retest of that support line. This could happen if XRP loses the support level, which is currently testing at $3.15. If it goes below it, then $3 will be the next major defense line, which could present a solid buy-the-dip opportunity.

Ripples native token faced some extreme selling pressure at the end of last week, which resulted in the aforementioned nosedive to just under $3. At the time, one of the companys co-founders reportedly sold off $140 million worth of the asset.

Nevertheless, XRP remains a highly reputable and popular cryptocurrency in the market, especially in Asia, as reported yesterday. It had surpassed the likes of BTC and ETH in terms of trading volumes on South Koreas biggest crypto exchanges by a long shot.

On a broader scale, another popular analyst reviewed XRPs potential bear market scenario, which includes a massive pump to $27 and an extremely violent correction to under $1.