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XRP Brutal Reversal: 3 Price Levels to Watch

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Thu, 25/04/2024 - 10:06
XRP Brutal Reversal: 3 Price Levels to Watch
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XRP was brutally denied at the 200 EMA resistance level. After an attempt to maintain stability, XRP has experienced a sharp reversal from the moving average, signaling a potentially troublesome period for the asset.

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Currently, XRP is at a price level of $0.52, which has previously acted as a strong support. This means that in the past, whenever XRP's price has fallen to this level, it has often bounced back up, showing that buyers have stepped in at this price point. The resilience of the $0.52 level is being tested once again.

XRPUSDT
XRP/USDT Chart by TradingView

Looking below it, the second price level to keep an eye on is $0.47. This price mark serves as a longer-term support level and has been fundamental to XRP's price rallies in the past. If the price were to slip below this point, XRP could face critical issues, possibly indicating a more profound and extended market downturn.

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The third and somewhat fragile price support sits at $0.41. This level is considered the last line of defense, and it is expected to offer limited resistance if XRP's price were to continue falling. Dropping to this level might lead to a prolonged reversal, which traders hope XRP can avoid.

For growth, if XRP manages to stay above these key support levels and begins to ascend, it will first need to reclaim its position above the 200 EMA. From there, potential resistance could form near the $0.55 to $0.57 range, where previous price consolidations have occurred.

The future of XRP now largely depends on its ability to hold these critical support levels. If buying pressure increases across the market and these levels hold, there is a chance for XRP to stabilize and recover some of its recent losses. However, a break below could further challenge XRP's market presence.

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