XRP price has dropped after experiencing a strong 20% price increase since the beginning of the market recovery
Beginning in 2023, the rise of the cryptocurrency sector might be coming to a natural end. Now the start of the cryptocurrency market’s recovery, XRP has seen a robust 20% price surge. However, it has since fallen to a local support level.
The asset crossed its 50-day moving average, which is sometimes considered the major support level for rising assets. However, the arrangement of moving averages on the asset’s daily chart indicates that XRP has not yet started a sustained rally.
XRP/USD 4-hour chart | Source: TradingView
XRP is currently trading at $0.39 and has increased in value by less than 1% over the previous day. Although XRP has recently performed well, it is important to note that almost 40% of the gains made during the recent rise have already been erased.
Over the past 24 hours, the price of XRP has remained largely constant. The bears continue to exert pressure on XRP on the daily chart as the price trades close to the support level. Given the large selling volume, it is too early to consider a reversal.
There is a good likelihood that the support will be broken and a decline to the $0.37-$0.38 range will occur if the candle closes at or below the $0.39 mark.
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