[XRP lost key support level]
XRP took a serious hit after losing support at the 200-day EMA, which typically signals a long-term bearish trend. When an asset falls below its 200-day moving average, the market tends to trend downward, further dampening buyer confidence and increasing selling pressure.
Technicals show that XRP price is trading below the 50, 100, and 200-day EMAs, moving averages that have provided support in the past and are now acting as major hindrances to XRP’s rise. XRP prices continue to move lower as buying interest wanes, showing a significant decline in market confidence.
The recent price drop has been accompanied by low trading volumes, suggesting investors are unwilling to purchase XRP at current prices. If volume fails to support a rebound, XRP may struggle to halt its losses, with the next key support level to watch being $0.48.
If XRP falls below the $0.48 support, it could trigger more selling pressure and signal a deeper correction. On the contrary, if the support level can be held, it will help the future rebound. However, unless buying increases significantly, there is little chance of a rebound under the current bearish structure.
Additionally, the Relative Strength Index (RSI), although close to oversold territory, has yet to show clear signs of a reversal.
