With the cryptocurrency market experiencing ups and downs, attention has turned to Ripple (XRP), one of the oldest and most controversial cryptocurrencies. Ripple, after surviving a legal battle with the U.S. Securities and Exchange Commission (SEC), is now on the verge of losing the $2 psychological level. Analysts warn that if this level is breached, Ripple could face another severe downtrend. Despite currently trading around $2.1, Ripple is below the 50-day moving average and lacks strong trading volume, making the $2 level vulnerable. The first support level stands at $1.95 if this level is broken. According to Ripple’s price chart, the $2.13 to $2.22 range also acts as a key resistance. Failure to break through this range could lead to a more significant decline. Analysts believe only a strong catalyst like the approval of a tradable ETF for Ripple or a new wave of institutional investment can bring hope for XRP’s price recovery. XRP is currently in a critical position: either it stabilizes above $2 or prepares for another phase of deep correction.
