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The fact that XRP has dropped below the crucial $3 mark indicates a reversal in its recent uptrend. If this breakdown does not happen immediately, it could lead to further declines. With its current price hovering around $2.185, XRP is at an inflection point that will dictate its short-term course.
The loss of important support, which is now becoming resistance, is highlighted by the drop below $3. Retrieving this level with significant volume and buying pressure is necessary for XRP to return to a bullish position. But for now, investors are focusing on three crucial price points to determine the asset’s future course. The 50-day moving average is in line with the first important level, which is $2.62.
A bounce at this level could indicate a possible reversal as it was a support zone during earlier corrections. However, failure to maintain this level may result in further declines. Watch for another level at $2.03, which is the 100-day moving average. As this is a more substantial level of support, this zone is important as it can attract buyers looking for a firmer base.
If XRP reaches this level, it may consolidate before the next move. The last level you should watch is $1.50, which is also the 200-day moving average location and psychological support level. Long-term investors may have a great opportunity to buy XRP if it drops to this level, which would signal a complete resumption of the recent rally. While the outlook seems pessimistic now, if XRP can level off and regain momentum, a turnaround is still possible.
Renewed buying interest and the potential to restart the uptrend would suggest a return above $3 with higher volume. XRP is now in a tricky position due to the collapse below $3. The $2.62, $2.03 and $1.50 levels are more important boundaries that investors may want to stay around. A reversal is possible, but overcoming the current bearish sentiment will be a tough case for XRP.
