XRP: Massive Crash Erases All September Recovery Attempts

The post XRP: Massive Crash Erases All September Recovery Attempts appeared on BitcoinEthereumNews.com.

XRP’s crucial support area Bitcoin consolidates With the token losing almost all of the gains it made in September, XRP’s brief recovery phase has abruptly ended. Technically and structurally, XRP is once again in a precarious position following a robust but brief recovery earlier in the month. The asset is now the last crucial line of defense before a possible breakdown, as seen by the current chart, which shows it struggling just above its 100-day EMA. XRP has struggled to maintain momentum above the $2.90-$3.00 resistance range on multiple occasions over the last few weeks. Every attempt to break higher was quickly turned down, creating a triangle pattern that is now descending and has resulted in yet another downturn. XRP’s crucial support area Currently hovering around $2.85, the 100 EMA serves as a crucial support area. The next significant target, the 200-day EMA at $2.63 that stands for the deeper support of the overall market structure, would probably be reached if XRP were to decisively lose this level. XRP/USDT Chart by TradingView The technical weakness reflects the deteriorating market fundamentals of XRP. The market capitalization of XRP fell from $177.8 billion to about $170.9 billion in a single day, according to CoinMarketCap data, wiping out the recovery that was made in late September and wiping out billions of dollars in value. Additionally, trading volume has stayed low, with a 24-hour volume of about $6.04 billion, suggesting that investors are becoming less speculative and cautious. The RSI has entered neutral territory, confirming that there is not enough buying power to support a recovery. Bitcoin consolidates XRP’s setup appears more unstable as Bitcoin consolidates and the market’s appetite for risk declines. There is a much higher chance of a deeper correction toward the 200 EMA if the 100 EMA breaks, which could…