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XRP struggles at $2.2 as price levels decide future path

XRP struggles at $2.2 as price levels decide future path

GrafaGrafa2024/12/23 06:00
By:Isaac Francis

XRP’s (CRYPTO:XRP) price movements remain under scrutiny as the token faces a pivotal level, with potential for either a rebound to $2.7 or another drop below $2.

Following a market-wide downturn, XRP’s value dropped significantly from over $2.7 to under $2. Despite some recovery, the token has now reached a crucial price point that will determine its next steps.

Earlier this week, XRP surged after Ripple announced the official release of its stablecoin, driving the price from just under $2.4 to above $2.7.

However, after the launch, the broader market collapse caused XRP’s price to dip sharply by 28%, falling to as low as $1.96.

The dip prompted many XRP whales to accumulate more tokens, aiding in the recovery back to nearly $2.4. However, XRP has since struggled to maintain upward momentum, hovering around $2.2.

According to crypto analyst Ali Martinez, this price level is critical for XRP’s future price direction.

“If it manages to maintain it, the token could resume its recent bullish activities and head toward $2.7 once again,” Martinez stated.

On the other hand, if XRP fails to hold this level, it risks dropping below $2 for the third time in December.

XRP’s price briefly dropped to $2.17 earlier today but managed to bounce back. The next few days will be crucial for determining whether XRP closes the year above $2.2 or continues its downward trend.

XRP’s market cap has once again fallen below $130 billion, causing it to lose its third-place ranking to USDT (CRYPTO:USDT), which has a market cap of approximately $140 billion.

According to data from CoinMarketCap, XRP’s future price movements hinge on its ability to maintain key support levels.

At the time of reporting, the XRP price was $2.18.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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