At the moment, the price action of XRP is similar to a roller coaster. Following a string of sharp declines, the digital asset is currently trading just above its 200 EMA, which is turning into the market's last line of defense. A complete decline below $2, the psychological floor that has kept XRP stable in multiple tests, is what we would expect if the 200 EMA breaks.

However, that situation is not yet materializing. Rather, it looks like XRP's price is seeing some respite. Bearish sentiment was clearly in control for a while, as evidenced by the significant decline below the 50 EMA. The anticipated decline to the 200 EMA, however, did not entirely occur. The fact that XRP was able to stabilize just above this important average suggests that the bulls are still alive. 

XRP/USDT Chart by TradingView

This minor resilience is an important indicator because it shows that the market has previously reversed sentiment at this level, so it is not just random noise on the chart. While momentum indicators are not screaming "buy," they are also not displaying the complete chaos we would anticipate if the bears had complete control. The volume is still constant and the RSI is at about 40, indicating oversold conditions that usually lead to brief recoveries.

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A recovery that brings prices back to challenge the 50 EMA around $2.30 may occur if bulls can hold XRP above the 200 EMA for the next few sessions. Overcoming that will be a more convincing indication that buyers are regaining control. But if the 200 EMA fails repeatedly, it will be disastrous because $2 will become a price magnet, and the market will suffer a psychological blow. 

The value of XRP is on the verge of a meltdown or a true breakout. Currently the most compelling indication that bulls may still have some strength is that the line is staying above the 200 EMA.

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