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29/08/24
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XRP on the Brink: Consolidation Phase Amidst Resistance and Support Levels
XRP experienced a decline toward the $0.5550 level before showing signs of a recovery, entering a consolidation phase. Currently, it is trading below the $0.580 threshold and beneath the 100-hourly Simple Moving Average. A key bearish trend line has emerged, presenting resistance at $0.5720. If the price can surpass the $0.580 resistance level, it may signal the beginning of an upward rally.
The recent price movement saw XRP fall below the $0.580 range, following a similar pattern seen in Bitcoin and Ethereum. The lowest point reached was $0.5538, after which the price began to show signs of an upward correction. It briefly climbed above the $0.5580 and $0.5620 levels, gaining momentum past the 50% Fibonacci retracement level for the drop from the $0.60 high. However, selling pressure has kept the price in check, preventing significant increases beyond the $0.5850 level.
Currently, XRP is still facing resistance at the $0.5720 level and the first significant hurdle appears to be around $0.5885. This level is closely aligned with the 76.4% Fibonacci retracement of the recent decline, indicating it may serve as a critical barrier. Should XRP successfully break through $0.60, it could potentially rise toward $0.6050, with further increases aiming for resistance near $0.6160 and then $0.6250, potentially extending to $0.6320.
Conversely, if XRP is unable to breach the $0.5720 resistance, a downward movement may ensue. Initial support is positioned at $0.5640, with stronger support expected at $0.5550. A break and subsequent close below this level could lead to further declines, possibly targeting $0.5320 or even $0.5120 in the near term. Key technical indicators such as the MACD are showing diminishing bearish momentum, while the RSI currently resides below the neutral level of 50.
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