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XRP Price Reversals at $2.50; Will Bears Crash Test $2.00?
With a market capitalization of $131.86 Billion and trading at $2.2751, XRP is down 2.49% in the previous 24 hours and shows further weakness after a 24-hour low of $2.2476. Though the attitude is pessimistic lately, reasonable near-term targets range from $3 to $5.85.
Still down by 1.6% from its price last month, XRP has been somewhat erratic this month ranging between $2.30 and $2.47.
Price Analysis on XRP
Reflecting the growing negative effect on the daily chart, XRP price movement reveals a decreasing trend at work. Lower high peaks resulting from the fall-off nevertheless provide a resistance trendline development.
The fall-off is presently challenging the immediate support level at the $2.24 mark. Moreover, the 1.80% retreat in the current 4-hour candle suggests a possible failure of a morning star pattern.
Currently trading below the 50 EMA as well as the 200 EMA, the price has a negative medium term bias. The last failure at the 200 EMA at $2.45 validates this level as significant barrier that bulls have to overcome to turn the present decline reversal.
Moreover, the RSI is at 41.18 right now, which is below the midpoint of 50, suggesting short term negative momentum. From its recent top, the RSI has been declining and is almost reaching oversold area.
XRP Price Aimers
Right now, XRP price is quite near to $2.2459, the support level. Should the XRP price exhibit a post-retest reversal, the recovering run will target $2.4565.