Fears are now ripe that Ripple’s native token XRP could fall below the $2 range. The cryptocurrency market is facing a new round of turbulence after Bitcoin fell to the $112,000 level on Monday. The dip sent shockwaves across the market as leading altcoins turned red within minutes. XRP plunged close to 6% in the charts, falling to a low of $2.70 in the day’s session. The last time it fell to this low was in August, and it plummeted after climbing above the $3 range.
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XRP: Ripple’s Native Token To Fall Below $2 Next?
Ripple’s XRP might not fall below $2 this year, as Bitcoin has a strong backing from institutional funds. While BTC could experience sell-offs and liquidation this year, the scale of the dump is not on a massive scale like it was previously. The cryptocurrency market is in a better position than ever before, with backing from the US government, institutional funds, and global banks.
Also, XRP might not fall below the $2 range as its price is in the consolidation phase. The last time it dipped below the $2 mark was in April this year after Trump’s infamous Liberation Day tariffs announcement. Both the stock and cryptocurrency markets plummeted in value, leading to a bloodbath. Nonetheless, the market recovered, and those who brought the dips are now in profit.
Despite trade wars and tariffs, investors’ confidence, especially from institutional funds, is at an all-time high. An influx of money is entering the market, making Bitcoin and other altcoins surge in value. In addition, the SEC could approve an XRP ETF in November that might solidify its performance, making it not fall below $2. The altcoin could only skyrocket in value if the SEC approves the ETF. Bulls have been eyeing a surge to $4, and it could become a reality when that happens.