The cryptocurrency market witnessed a rollercoaster ride for XRP, with its price action resembling a roller coaster as of late. Despite recent sharp declines, the digital asset is currently hovering above its 200-day exponential moving average (EMA), acting as a crucial resistance point. This EMA has been key to preventing further price drops below $2, the psychological floor that has provided stability for XRP in previous tests. However, this doesn’t negate potential bearish pressure. The significant decline below the 50-day EMA indicates a period of bearish sentiment. Nonetheless, XRP is showing resilience by holding above the 200 EMA, suggesting a potential resurgence of bulls.