XRP Price on March 20th: Can it Break Through $2.33 Resistance After Recovering from $2.23 Low?

• Ali Martinez predicted that if XRP loses $2, a retest of $1.60 is likely.
• XRP has also failed to reclaim the resistance at the 20-EMA of $2.33.
• Pro-XRP lawyer Bill Morgan believes that drawing out the SEC vs. Ripple case will hurt XRP.

XRP finds itself in a crucial price band as it hovers around the $2.28 mark (currently trading slightly higher at $2.30). After touching a low of $2.23 in the past 24 hours, XRP is now facing a significant hurdle: the 20-day Exponential Moving Average (EMA) at $2.33, according to data from CoinMarketCap.

Crypto analyst Ali Martinez has warned that a price drop below $2 could trigger a significant decline, stating, “Below $2, a gap with no significant support could pull it to $1.60.”

The $2 Line in the Sand: A Potential Drop to $1.60?

A look at a chart from Glassnode reveals a concerning “air gap” in the UTXO Realized Price Distribution (URPD) between $2 and $1.60. This “air gap” essentially means there hasn’t been much significant buying activity in this price range. 

Consequently, if XRP loses its footing at $2, there isn’t much in the way of support to stop a rapid fall to the next major demand zone around $1.60.

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