The XRP price continues to drop for the first time in six months through its main support line this week. This suggests its upswing may now fade. Over its strong upward movement, the cryptocurrency broke below the $2.62 barrier that had served as the main support during its recent growth period. The market sees this break as a sign that XRP could move lower in the future.
Market watchers believe the main sign of an upcoming price drop comes from XRP’s inability to stay above its 50-day Exponential Moving Average at $2.62. When prices dropped below their historical $2.62 support level it put XRP at greater risk of decreasing values.
The weak buying momentum shows in the Relative Strength Index results which currently stands at 38 even as it goes down. The price of XRP will likely fall to $2.17 if the selling trend keeps going and break through $1.63 when support fails.
XRP Shows Signs of Recovery Amid Market Uncertainty
Although investors feel low about XRP there are indications the token could bounce back soon. The market activity rose sharply after trading dropped these levels. Investors seized the buying opportunity to get more XRP during its price drop and they might push the market back upward.
Marketers should pay attention to the important support point at $2.17. When buying pressure holds $2.17 as support XRP will likely rise to regain earlier price points of $2.62 and $2.81.
If Bitcoin maintains stability or growth XRP has a better chance of regaining its value losses. The next few days will determine how XRP performs in the market. The market might shift back toward bullish territory when buyers push XRP trading above $2.62.
These buyers would aim for $2.81 prices before potentially reaching $3.00 valuation. When traders fail to restore this price target it suggests a lasting market downturn and creates more chances for additional value declines.
The future of XRP’s bull market depends on the results of its upcoming price movements. Market participants will monitor important XRP price barriers as they try to predict where the market is heading next.
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