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07/08/24
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XRP Shows Signs of Recovery, Eyes Key Resistance at $0.5220
XRP has begun to show signs of recovery, trading above key resistance levels. Recently, the price surpassed both the $0.4750 and $0.4880 thresholds, indicating a potential bullish trend. Currently, XRP is facing resistance just below the $0.5220 mark, along with the 100-hourly Simple Moving Average.
Following a significant low of $0.4320, XRP has formed a stable base in line with movements seen in other cryptocurrencies like Ethereum and Bitcoin. The breakout past the key bearish trend line at around $0.5040 on the hourly chart suggests that bullish momentum could increase if XRP can successfully break through the $0.5220 resistance zone. This level aligns closely with the 61.8% Fibonacci retracement from the recent downward trend that saw highs of $0.5767 and lows of $0.4320.
Major resistance points are evident at $0.5420, with subsequent resistance potentially hitting around $0.5750. If XRP manages to clear this latter resistance, the price might rally towards $0.5840, followed by further resistance near $0.5920. Should bullish momentum continue, the price could test the $0.600 or even $0.6120 levels in the near term.
On the downside, if XRP fails to break above the $0.5220 level, it may face another decline. Immediate support is positioned around $0.4980, with a significant support level at $0.4880. In the event of a breakdown below $0.4880, XRP could potentially slide down further to the $0.4660 support level, and subsequent major support exists at $0.4500.
Technical indicators reflect a generally positive outlook, with the hourly MACD gaining momentum in the bullish zone and the RSI above the neutral mark of 50, signaling continued strength in the market.
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