TL;DR
- Ripple’s cross-border token is currently trading around a crucial level that can determine whether it shoots up by double digits or slumps hard.
- The worst-case scenario, though, sees the asset dropping to $1.3.
The renowned crypto analyst Ali Martinez has outlined multiple times the importance of the $2 support for XRP’s future price movements. The asset tested it on a couple of occasions in the past month, dipping below it twice since March 11.
However, it ultimately withstood the pressure and helped XRP remain among the top performers since the US elections in early November. Moreover, Ripple’s token bounced off quite impressively after the March 11 crash and shot up to $2.6 within the next week.
That price surge transpired after Brad Garlinghouse, the company’s CEO, announced that the lawsuit against the SEC had effectively ended.
Since then, though, XPR has failed to recapture its momentum and slipped below $2 earlier this week, charting a 24% decline amid the escalating Trade War.
As mentioned above, the $2 support remained strong, and XRP now trades at $2.15. Martinez believes holding that level could serve as a propeller for the next leg up, which could push its price north by 30%.
However, he also highlighted a bearish scenario in which $2 is broken to the downside. In this case, the fourth-largest cryptocurrency by market cap risks dropping all the way down to $1.3 as there’s not much support between these two levels given XRP’s explosive surge in November and December last year.
Nevertheless, Martinez is overall predominantly bullish on XRP, as the TD Sequential also recently flashed a buy signal on the daily chart.
