XRP’s Six-Month Support Shattered – Is the Bull Run Over?
More from the Author Jane Kariuki
XRP has broken a crucial six-month support level at $2.62, signaling potential bearish momentum, with the next major support at $2.17 and a possible decline to $1.63 if buyers fail to step in.
However, increased trading volume and Bitcoin’s influence could help XRP recover towards $2.81 or even $3.00 if bullish pressure returns.
XRP has recently broken a key support level for the first time in six months, raising concerns about the sustainability of its bullish momentum. This unexpected drop below $2.62, a level that had acted as a strong foundation during its upward trajectory, has sent shockwaves through the market. The big question now is: Is XRP’s bull run over, or is there still hope for a rebound?
A Bearish Shift in Market Structure
One of the biggest warning signs for XRP’s future is its failure to maintain support above the 50-day Exponential Moving Average (EMA) at $2.62. Historically, this level has acted as a strong base for continued upward movement, but with bearish pressure increasing, a further decline seems likely.
Adding to the concerns, XRP’s Relative Strength Index (RSI) has dropped to 38, signaling weak buying interest. A lower RSI suggests that traders are not actively accumulating the asset, potentially paving the way for more declines. If XRP does not recover quickly, the next major support level stands at $2.17 (200 EMA). A break below this level could send XRP spiraling further down to $1.63, reinforcing a bearish outlook.
Could a Rebound Be on the Horizon?
Despite the bearish structure, not all hope is lost for XRP. There are still some promising factors that could trigger a recovery:
Increased Trading Volume: A surge in trading activity after the recent drop indicates that buyers may be stepping in to accumulate XRP at a discount. This suggests that some investors see the current dip as an opportunity rather than a reason to panic.
Crucial Support at $2.17: Although XRP has lost its six-month support, the $2.17 level remains a critical make-or-break point. If bulls manage to hold this region, a recovery toward $2.62 and even $2.81 remains a possibility.
Bitcoin’s Influence: If Bitcoin stabilizes or begins to rise, it could positively impact XRP’s price action. Cryptocurrencies often follow Bitcoin’s trend, meaning a BTC recovery might help XRP regain lost ground.
What’s Next for XRP?
XRP is at a defining moment. If it fails to reclaim $2.62 soon, the downtrend will likely intensify, confirming a bearish reversal. However, if buyers push the price back above this level, there could be room for a move towards $2.81 or even the psychological barrier of $3.00.
For now, XRP traders must watch key levels carefully. Will the bulls make a strong comeback, or is this the beginning of a prolonged downturn? The next few days could be crucial in determining XRP’s trajectory.
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