XRP Faces Crucial Support Test as $2 Level Wobbles

XRP is facing increased bearish pressure after plunging over 5% on March 31, dropping to a low of $2.06. This sharp decline raises concerns over its ability to maintain the key psychological support at $2. With the 200-day Exponential Moving Average (EMA) sitting at $1.94, XRP's price action hovers dangerously close to a crucial technical level. Historically, slipping below the 200 EMA has triggered steeper losses, making this a critical support zone for bulls to defend.

Adding to the pressure is the formation of a descending triangle pattern, which is nearing its apex—a classic indicator of a potential breakdown if support fails. Should XRP breach both the $2 level and the 200 EMA, the next major support zone lies between $1.85 and $1.80, which could become the new battleground for buyers.

To reverse the downtrend, XRP must reclaim the $2.30 to $2.40 range and secure a strong daily close above it, supported by substantial trading volume. However, without a broader crypto market rally or major catalyst, the likelihood of such a recovery appears limited, casting doubt on the sustainability of the $2 level.

Despite the recent drop, XRP has shown slight recovery, now trading at $2.12—up 1.09% in the last 24 hours, according to CoinMarketCap. Still, the token remains vulnerable unless key resistance levels are reclaimed. Traders and investors should watch the $1.94 EMA closely, as a breakdown could accelerate selling pressure in the short term.