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XRP $2 Level Comes Under Pressure Amid Sustained 5% Drop: Details
The price of XRP has been under intense pressure in recent trading sessions, as it dropped by a staggering 5%. This sudden plunge has put the cryptocurrency’s crucial support level of $2 in grave danger.
As of writing, XRP is trading at around $1.81, representing a decline of over 5% in just a short period. While this significant drop has raised concerns among investors and analysts alike, it is essential to note that XRP’s ability to sustain the $2 level will have significant implications for its future trajectory.
In fact, sustaining the $2 mark could potentially provide a basis for a rebound, especially if market conditions improve. On the other hand, a breach of this critical support level might suggest that XRP has reached a temporary top in the short term.
The possibility of a rebound is fueled by the cryptocurrency’s recent chart activity. As the article highlights, “XRP recently crossed above its 50-day SMA and then $1.30.” If sustained, this upward momentum could provide a catalyst for further growth.
Conversely, a failure to maintain the $2 level would be detrimental to XRP’s market sentiment and may result in a more substantial decline.
Source: u.today
