As reported by U.Today, XRP has been fiercely rejected at the 200 EMA resistance level. After attempting to hold steady, XRP has seen a sharp reversal from the moving average, signaling that the asset could be entering a difficult period. Currently, XRP is priced at $0.52, which has served as a strong support level. This means that whenever the price of XRP has fallen to this level in the past, it has tended to bounce back, showing that buyers stepped in at this price point. The resilience of $0.52 has been tested once again.
Secondly, the price level to watch is $0.47. This price mark has played a fundamental role in XRP's past price gains as a long-term support level. If the price falls below this point, XRP could face serious problems, which could foreshadow a deeper and longer market downturn.
The third, and relatively fragile, price support lies at $0.41. This level is viewed as the last line of defense and is expected to provide limited resistance if the price of XRP continues to fall. A drop to this level could result in a long-term reversal, which traders hope XRP can avoid. If XRP is able to hold above these key support levels and begin to move upward, it will first need to recapture a position above the 200 EMA. From there, potential resistance could form in the $0.55 to $0.57 range, which is where price consolidation occurred previously. The future of XRP will largely depend on its ability to hold these key support levels. If buying pressure increases in the market and these levels hold, XRP has a chance to stabilize and recover some of its recent losses. However, a break below these levels could further challenge XRP's market position.
