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The fact that XRP has dropped below the crucial $3 threshold indicates a change in its recent upward trend. If this breakdown does not happen right away, it might lead to more declines. With its current price hovering around $2.185, XRP is at a turning point that will dictate its short-term course.
A loss of important support, which now becomes resistance, is highlighted by the decline below $3. Regaining this level with significant volume and buying pressure is necessary for XRP to return to its bullish position. But for the time being, investors are focusing on three crucial price points to determine the asset's future course. The 50-day moving average is in line with the first important level, which is $2.62.
A bounce at this level might indicate a possible reversal because it was a support zone during earlier corrections. Failure to maintain this level, though, could result in additional drops. Observe the next level at $2.03, which is the 100-day moving average. Because it is a more substantial support level, this zone is important because it may draw buyers seeking a more solid base.
Alex DovbnyaXRP might consolidate before moving forward if it hits this level. The last level to keep an eye on is $1.50, which is also the 200-day moving average location and a psychological support level. Long-term investors may have a great opportunity to purchase XRP if it drops to this level, which would signal a complete retracement of the recent rally. Even though the outlook right now seems pessimistic, if XRP can level off and gain momentum again, a reversal is still possible.
Rekindled buying interest and the potential to restart the upward trend would be indicated by a return above $3 with higher volume. Due to its collapse below $3, XRP is now in a complicated position. The $2.62, $2.03 and $1.50 levels are more important thresholds that investors might want to stay around. A reversal is feasible, but overcoming the current bearish sentiment will be a tough case for XRP.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Alex Dovbnya
Dan Burgin
Vladislav Sopov