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13/08/24
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XRP Seeks Momentum Above Key Resistance After Recent Downturn
XRP is currently stabilizing above the support level of $0.5450, having experienced a recent downturn that briefly pushed the price below $0.550. A low was noted at $0.5457, but the asset is now attempting to regain momentum. To ignite a new upward trend, XRP needs to surpass the resistance at $0.580, which has proven to be a barrier in recent trading sessions.
In recent movement, XRP managed to climb above the levels of $0.5550 and $0.5600, significantly breaking through the 50% Fibonacci retracement level of the recent decline from the swing high of $0.6020 down to the low of $0.5457. However, selling pressure continues to emerge near the $0.580 level, where a significant bearish trend line is also evident, presenting additional resistance at $0.570. Currently, XRP is trading below both of these resistance points, alongside the 100-hourly Simple Moving Average.
If the price can successfully breach the $0.580 level, it may target the next resistance around $0.5850. A decisive movement above this level could subsequently push XRP toward $0.6050, with the potential to reach around $0.6200 if bullish momentum persists. Further gains could see XRP testing the $0.6320 to $0.650 levels in the near future.
Conversely, if XRP is unable to overcome the $0.580 resistance, a reversal might occur, initiating another decline. In this scenario, the immediate support area to watch is near $0.5580, followed by the critical support at $0.5450. A significant drop below this level could lead to further losses, potentially down to $0.5320 and ultimately $0.5250.
Technical indicators currently show the MACD in a weakening position within a bearish context, while the Relative Strength Index sits around the neutral 50 level, suggesting cautious sentiment in the market.
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