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Concerns have been raised that XRP's remarkable bull run may be coming to an end after it recently broke a crucial six-month support level. Following weeks of turbulence, XRP has fallen below $2.62, which served as a solid support level during its upward trajectory. The asset may be in trouble if this crucial level is breached because it allows for additional declines. The failure of XRP to stay above the 50 EMA ($2.62) is the greatest warning sign.
Although this level has historically supported ongoing bullish momentum, bearish pressure may now become more intense as XRP has dropped below it. The falling RSI (Relative Strength Index), which is currently at 38 and indicates poor buying interest, is another cause for concern. If XRP does not pick up speed right away, the next significant support level is close to $2.17 (200 EMA), and a break below that could send XRP even lower to $1.63. Even with the bearish structure, there are still some positive aspects of XRP that might result in a quick recovery.
Huge volume of trades: A significant increase in trading volume following the recent decline suggests that some buyers intervened at a discount. This implies possible accumulation.
Even though XRP's six-month support ended, $2.17 is still a critical make-or-break level. Bulls may recover toward $2.62 and $2.81 if they hold this region. XRP may follow Bitcoin's lead and regain lost ground if BTC stabilizes or rises. The downtrend will probably pick up speed if XRP is unable to recover $2.62 anytime soon, indicating a market reversal. But if buyers intervene and push XRP back above $2.62, there may be a chance for a recovery to $2.81 or even $3.00. Currently, XRP is at a pivotal point in its history; what it does next will decide whether the bull run continues or formally ends.
U.Today Editorial Team
Dan Burgin
