- XRP breaks below key support, testing 21 EMA as bearish pressure rises.
- Analyst warns of further drops, with $2.30 and $1.90 as critical defense levels.
- Market volatility spikes as XRP struggles to regain momentum after recent highs.
XRP has experienced a sharp decline, with its price dropping over 19% in the past 24 hours. Analyst Egrag Crypto warned of this possibility earlier, citing technical indicators pointing to a downturn. According to Egrag, the price could go as low as $2.30, with $1.90 acting as the final support level. XRP lost its support at the 21-day Exponential Moving Average which triggered its strong price decline.
Egrag noted that XRP is currently in a critical phase, with the asset testing key levels that could determine its next move. The recent price slump has resulted in XRP touching both the 21 EMA and the lower boundary of a symmetrical triangle. These two indicators typically serve as strong support levels. However, breaking below them could push the price further down. If the symmetrical triangle fails to hold, XRP could see a decline to $2.40 before stabilizing.
XRP’s decline comes as it struggles to maintain momentum after reaching a local high above $3.40. The asset recently broke below the 26 EMA, a key support level in strong uptrends. Analysts warn that losing this level could signal a shift in market sentiment, increasing bearish pressure. Historically, when XRP fails to hold the 26 EMA, deeper corrections follow before a recovery begins. If the price does not reclaim this support, traders may see further drops toward the $2.50 range. Market participants are closely watching whether XRP can regain strength or if additional downside risks remain.
Related: XRP’s Bullish Breakout: Will the Momentum Continue?
XRP’s loss of the 26 EMA support has added to bearish concerns. The last time the asset broke below this key level, it took a significant period to recover. The market analysts predict the price may continue its downward trend until market participants intervene. XRP’s most vital support area exists at $2.75 but any break below this barrier may result in a price test at $2.50.
Market participants are closely watching whether XRP can reclaim higher levels. If buyers regain momentum and push XRP above $3.00, a move toward $3.20 to $3.30 could be possible. However, failure to recover soon may result in continued bearish pressure. The coming days will be crucial in determining XRP’s short-term trajectory.
