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XRP Price Market Update: $123 Billion Market Cap Hangs in the Balance
The XRP market is currently at a crossroads as it struggles to break through immediate resistance at $2.20 with strong trading volume, potentially leading to a retest of $2.30 and a potential approach towards the $2.40 level. If XRP fails to breach this critical barrier, bearish pressure could intensify, prompting a potential decline below key support levels.
In a bullish scenario, traders would need to monitor for a confirmed breakout above $2.20 and increased market participation to maintain the upward momentum witnessed earlier in the month. A successful break through resistance would signal a continuation of the recovery trend XRP experienced initially this month.
However, if XRP cannot overcome immediate resistance, bearish pressure may increase, prompting a short-term sell-off. The MACD indicator is currently reading 0.08410 and the Momentum indicator stands at -0.42651, suggesting a potential short-term downturn in the market. If XRP breaks below the $2.12 support level, it could potentially retest the critical $2.10 mark, paving the way for further declines towards the $2.00 or lower levels.
As the cryptocurrency’s price action becomes increasingly uncertain, traders are urged to exercise caution and maintain tight risk management practices while navigating this precarious moment in XRP’s market trajectory.
Source: www.crypto-news.net
