$XRP price has been consolidating around its 50-day EMA at $2.30 since Saturday. At the time of writing on Wednesday, it continues to hover around this level.
If XRP breaks below the 50-day EMA and closes below the $2.23 support level, it could extend the correction to retest its next support level at $1.96.
The RSI on the daily chart reads 48, which is below its neutral level of 50 and points downward, indicating bearish momentum. The MACD indicator also displayed a bearish crossover, further underscoring the weakness in momentum and indicating a potential downward trend.
$XRP /USDT daily chart
Conversely, if the 50-day EMA continues to hold as support, XRP could extend the recovery to retest its next resistance level at $2.72.
