XRP Price Prediction as It Holds Above Crucial 200-day EMA – A Sign of Stability or Deception?
The XRP price has declined by 2.5% in the past 24 hours, sliding to $0.5497 as the crypto market as a whole falls by 3% today.
XRP has also decreased by 7.5% in the past week and by 10% in a month, although the altcoin remains up by 42% in the past year.
And while its price has managed to hold above its 200-day exponential moving average for most of the past few weeks, it has just begun showing signs of falling below, something which could prove ominous.
Yet in the longer term, 2024 is likely to become an increasingly bullish year for crypto as it progresses, so the XRP price may revive itself again soon enough.
Let’s not beat around the bush: XRP’s chart doesn’t look particularly inspiring at the moment, with its indicators showing clear signs of weakness.
Most notably, its RSI (purple) has fallen below 40 in the past few days, a sign of increasing selling pressure.
At the same time, XRP’s 30-day average (yellow) has clearly begun sliding down towards its 200-day (blue), indicating a process of decline which still has plenty of time before it’s likely to bottom out.
And speaking of decline, the XRP price has indeed dropped below the 200-day EMA today, providing a very bearish indicator that could signal further incoming losses.
The key support level (green) in this respect is therefore $0.55: if XRP falls substantially below this price, it could spook current holders and force more of them into selling.
It seems like, aside from the continued post-Bitcoin ETF selloff, whales have been driving XRP’s recent declines, with data revealing several big transfers to exchanges in the past few days.
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