XRP holds ground despite weakening momentum
XRP price rebounded after retesting its 50-day EMA at $2.28 on Saturday and rose 3.18% the next day. However, on Monday, it declined and remained above the 50-day EMA level until the next day. At the time of writing on Wednesday, it continues to hover above this level.
If XRP breaks and closes below its 50-day EMA on a daily basis, it could extend the correction toward its next key support at $2.23.
The RSI on the daily chart reads 52, pointing toward its neutral level of 50, indicating fading bullish momentum. If the RSI moves below its neutral level of 50, it would give rise to strong bearish momentum and a sharp fall in XRP prices. The MACD indicator also switches to a bearish crossover on the daily chart on Monday, giving sell signals and indicating weakness.
Conversely, if the 50-day EMA holds as support, XRP could trigger a rally to retest its $2.72 resistance level.
