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09/09/24
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XRP Struggles to Break Resistance at $0.5320 Amidst Market Declines
XRP has managed to sustain its value above the $0.5000 level, but the cryptocurrency is facing significant resistance levels that could hinder its progress. Currently priced below $0.5320 and the 100-hourly Simple Moving Average, XRP is experiencing difficulties in gaining momentum needed for a notable upward movement.
Recently, the price of XRP experienced a decline, similar to trends observed in Bitcoin and Ethereum, resulting in a retest of the support zone around $0.5020. During this downturn, XRP hit a low of $0.5021 but has since been attempting to initiate a recovery. A minor rise was seen with prices moving above $0.520, and a break occurred above a key bearish trend line, which had its resistance at $0.5280.
Despite these slight gains, bullish activity seems to stall near $0.5320 and $0.5350. The price remains confined below these levels, and further upward movement could be impeded. The significant resistance point is the $0.5480 level, which corresponds to the 76.4% Fibonacci retracement of the price decrease from $0.5626 to $0.5021. Should XRP surpass this resistance, it could advance toward the next target around $0.5550, potentially aiming for $0.5620 thereafter.
Conversely, if XRP fails to overcome the $0.5320 resistance, a subsequent decline may ensue. Immediate support is noted around $0.5220, with a more critical support level at $0.5200. A move below $0.5200 could trigger a further decline towards $0.5120, and the major support level to watch would be at $0.5020.
On the technical front, the MACD for XRP/USD is indicating a weakening bearish momentum, while the RSI stands comfortably above the neutral 50 point. Overall, XRP’s future movements hinge on overcoming the prevailing resistance while maintaining crucial support levels.
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