XRP Faces Steep Decline as Bearish EMA Cross Takes Hold, $8.5 Target Remains

XRP has been experiencing a decline in price after reaching $1.6, with the current price hovering at $1.44. This downward trend is attributed to the bearish signal where the 21 EMA crossed below the 50 EMA.

According to market data, while XRP may still fall towards the $0.91 to $0.85 support zone, its long-term structure remains bullish. A multi-year symmetrical triangle pattern suggests that XRP could record a potential push towards $8.5.

EGRAG Crypto recently highlighted this pullback and noted that past patterns indicate weakening momentum for XRP after such a crossover. In the 2022 bear market, XRP fell from $0.93 to $0.2872, marking a 69% decline following the bearish EMA cross.