The cryptocurrency XRP has experienced significant fluctuations amid the recent market downturn. The token has lost its momentum, necessitating an analysis of its current market positions.
XRP's Rise and Fall
The start of the week was favorable for XRP as Ripple announced the launch of its long-awaited stablecoin, causing the price to rise from $2.4 to over $2.7. However, the market's collapse quickly reverted the price below $2.
Critical $2.20 Level
According to analyst Ali Martinez, the $2.20 level is crucial for XRP's future movements. Maintaining the price above this point could lead the token back towards $2.7. Alternatively, the risk of falling below $2 remains. CITE_W_A
Importance of Upcoming Days
XRP recently dropped to $2.17 but managed to recover. The next few days will be crucial for determining its year-end price and the potential for a 'Santa Claus rally'.
XRP's recent correction dropped its market cap below $130 billion, losing its third-place position to USDT. XRP's future largely depends on its ability to maintain the current support level.
