CandleFocus XRP Lost Crucial Support Level
2024-09-06
Author: Content Editor
The price of XRP has dropped significantly after losing support at its 200-day Exponential Moving Average (EMA), which suggests a possible long-term bearish trend. This decline is further confirmed by XRP trading below all three major EMAs (50, 100, and 200) that now act as resistance levels. The lack of buying interest and low volume also contribute to the bearish sentiment. The next support level to watch is at $0.48, as breaking below this could lead to a deeper correction and increased selling pressure. While a rebound is possible if XRP maintains this support level, it would require a significant increase in buying volume, which is not currently evident. The Relative Strength Index (RSI) also does not show clear signs of a reversal, although XRP may be approaching oversold territory.
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