$XRP Lost Crucial Support Level
XRP has taken a serious hit after losing its critical 200-day EMA support level, which is a major clue to the long-term trend direction. If the asset breaks below this level and the moving average cluster, a more profound bearish trend may be developing. A downtrend in the market is indicated when an asset crosses below its 200-day moving average, which frequently deters buyers and increases selling pressure.
The accompanying chart highlights the alarming technical picture. All three of the major moving averages — the 50, 100 and 200 EMAs — which are now resistance levels, are currently being traded below by XRP. These moving averages, which were once helping the price, now pose serious obstacles for XRP to get past if it wants to recapture bullish momentum.
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