XRP, a leading cryptocurrency, recently fell below the significant $3 mark, indicating a potential change in its bullish trajectory. This might lead to further downward pressure unless a strong recovery ensues. Currently, it trades around $2.78, having dropped 10.81% in the last 24 hours.
$2.62: First Line of Defense
The $2.62 level aligns with XRP’s 50-day moving average, a metric often used to gauge short-term trends. This zone has acted as a support area during past corrections, making it a critical test for the asset. A bounce at $2.62 could signify the start of a potential reversal, indicating renewed buying interest and market optimism.
$2.03: A Stronger Support Zone
If XRP breaches the $2.62 level, the next significant support lies at $2.03, which coincides with the 100-day moving average. This level represents a stronger foundation for XRP, as it may attract long-term buyers seeking stability amid market turbulence.
$1.50: Psychological and Technical Support
The $1.50 level, which aligns with the 200-day moving average, serves as both a psychological benchmark and a crucial support zone. A decline to this level would represent a full retracement of XRP’s recent rally and could offer an attractive entry point for long-term investors.
XRP's current technical setup leans bearish, yet recovery is still possible. The interplay at $2.62, $2.03, and $1.50 levels will determine XRP’s path forward. While the market sentiment seems subdued, these support zones offer potential for stabilization and recovery.
