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XRP $2 Level Comes Under Pressure Amid Sustained 5% Drop: Details
Ripple’s native cryptocurrency, XRP, has seen a sudden and sharp drop of 5%, which has put the critical support level of $2 under immense pressure. The recent market downturn has triggered concerns among investors about the future prospects of the crypto asset.
The data suggests that XRP has been trending downward since the start of the year, with its price plummeting from highs above $1.30 to current levels around $1.13. This decline has put significant stress on the $2 level, which has historically served as a crucial support area for the cryptocurrency.
If XRP fails to maintain the $2 level, it may prompt sellers to step in and push the price lower, possibly towards the next critical support at $0.98. In contrast, if XRP manages to sustain above this level, it could potentially set the stage for a rebound.
It is essential for investors to remain vigilant about market conditions and keep an eye on the cryptocurrency’s chart patterns to determine whether its bearish momentum is likely to continue or if there are signs of an imminent reversal.
Source: u.today
