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XRP's price has tumbled below the $0.5 mark once again. The level had substantial psychological relevance to XRP's price performance, and the drop below it may cause some issues.
XRP has slipped under the 200-day Exponential Moving Average (EMA), which traders often look at to judge the long-term trend of an asset. XRP is now below all the shorter moving averages too. This stack-up is usually a strong hint that the coin might continue to lose ground, at least for a while.
The $0.5 level is a psychological support; if the price stays above it, people tend to remain calm, but if it goes below, it can cause worry. Breaking down below this point is a big deal — it could lead to more selling as traders might start to believe the price will go even lower.
The next significant level to watch is $0.47, the level where XRP has stopped falling and started rising several times before. If this support holds, it might give XRP a chance to stabilize and possibly climb back up.
Alex DovbnyaWhat does all this mean for XRP's future? It is a mixed bag. Recent moves have been a bit rough, but the coin has seen tough times before and managed to pull through. If buyers step in around the current levels, we could see a turnaround. Nonetheless, XRP has lost more than 14% from its value since the beginning of the year, which makes it one of the weakest assets on the market.
Watch the key levels, and be ready for what might come next. As Bitcoin halving comes closer, the market is becoming extremely unpredictable, with volatility being pushed to new heights.
Alex Dovbnya
Gamza Khanzadaev
Dan Burgin
Vladislav Sopov