Where is XRP headed? Will it reach $2.7 or will it fall below $2 again?
XRP had a strong start this week after the developer announced the launch of its own stablecoin, which sent the coin to a significant rise from $2.4 to $2.7.
After that, the digital currency Ripple XRP came under market pressure and fell by 28% to $1.96 before partially recovering to its current level of $2.25.
The rise came after whales took advantage of the drop in the coin’s price.
Renowned analyst Ali Martinez sees this level (currently above $2.25) as a pivotal point for XRP’s price.
If the coin can hold above it, it could resume its bullish activity towards $2.7.
However, if it falls below it, it could return to below $2 for the third time this month.
XRP already reached $2.17 earlier today before bouncing back temporarily.
The coming days will be crucial to determine the path of the currency as the year-end approaches, and whether it will witness the expected end-of-year rally.
With the recent correction, XRP’s market cap has fallen below $130 billion, losing its third place to USDT, which has a market cap of around $140 billion.