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XRP was down 2.5% in the last 24 hours to $0.537. The market is anticipating the all-important August U.S. jobs report, which comes amid concerns about the status of the economy and labor market.This Is Where Bitcoin Price Is Heading, Dogecoin in Bad State, Solana Bounce Is Incoming, Here's Why Data released Thursday showed that private payrolls grew by 99,000 in August, significantly less than the 140,000 expected. The data fueled fears of an economic downturn and a deteriorating labor market, which were sparked by July's weaker-than-expected jobs report.XRP is currently battling support at the daily SMA 100 near $0.54. The possibility of a break and close below this key level raises the risk of further declines. If this happens, XRP might plunge toward $0.49.
In the meantime, a decisive break above the daily moving averages of 50 and 200 at $0.551 and $0.578 should be watched forTomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.