Analyst: Market sentiment has fallen to the "anxiety" stage, and the price of XRP may fall below $2.

According to CoinGape, well-known crypto analyst Ali Martinez stated that bearish technical chart patterns may begin to take effect, causing the price of XRP to fall below $2. Amid extreme panic in the crypto assets market, long-term holders and whales have entered a state of anxiety.

Glassnode's XRP long-term holder NUPL data shows that in the context of increasing uncertainty and volatility in the Crypto Assets market, investors tend to be bearish.

The NUPL data for long-term holders of XRP shows that the “euphoric” sentiment among long-term holders ended in mid-2025, following large-scale sell-offs by whales. During the recent fall of the Crypto Assets market, this sentiment has shifted from “denial” to “anxiety.”

Meanwhile, the on-chain platform Santiment revealed that retail investors holding less than 100 XRP are selling off. This suggests a possible rebound in the bull market, but the current sentiment in the Crypto Assets market remains bearish. Notably, the profit supply of XRP has dropped to 58.5%, the lowest level since November last year, when the price was $0.53. Furthermore, despite a fourfold increase in trading volume, 41.5% of the supply remains in a loss position.

Due to the bulls' failure to keep the XRP price above the key support level, crypto assets analyst Ali Martinez predicts that if XRP falls below the support level of $2.15, the price will drop below $2.

He shared the UTXO realized price distribution indicator, which shows that if there is further price distribution, $1.91 and $1.73 will be the next key price levels to watch.