XRP Bleeding Continues: Price Lands at Fundamental Support Level

XRP Bleeding Continues: Price Lands at Fundamental Support Level

XRP is currently going through a treacherous market landscape. The token has seen a significant correction, losing over 9% of its value. He XRP/USDT chart is approaching a fundamental support level, which could dictate the currency’s trajectory in the coming days after the unfortunate breakout below the descending triangle pattern.

XRP is currently going through a treacherous market landscape. The token has seen a significant correction, losing over 9% of its value. He XRP/USDT chart is approaching a fundamental support level, which could dictate the currency’s trajectory in the coming days after the unfortunate breakout below the descending triangle pattern.

XRP’s current price movement has taken it to the apex of the 200 exponential moving average (EMA), a critical indicator that often acts as a litmus test for the asset’s long-term trend. The 200 EMA is widely considered the “last resort” to maintain a bullish stance. If XRP falls below this level, it could trigger a prolonged reversal, potentially ending the current rally.

https://www.tradingview.com/
XRP/USDT chart by TradingView

As we dig deeper into the chart, XRP’s local support level sits around the $0.57 mark, a region where buying pressure previously emerged. A bounce from this level could signal a temporary cessation of bleeding, offering some respite to holders. However, the resistance level to watch now sits near $0.61, a boundary that could limit any immediate recovery attempts.

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XRP’s strengths remain its established network and the growing adoption of its payment protocol. However, these fundamentals are currently overshadowed by the bearish technical setup. The coin’s inability to maintain its position above the key EMAs highlights the market’s weakness.

XRP’s fate in the near term may well depend on its interaction with the 200 EMA. A decisive break below this level could confirm the bearish outlook, while holding above could suggest that XRP is not ready to give up its gains. still.

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