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16/09/24
11
XRP Faces Bearish Pressure: Vigilance Needed at Key Support Levels
XRP has recently entered a downward trend, starting from the $0.5980 region. The cryptocurrency is showing increasing bearish momentum, with the potential to drop below the critical support level of $0.5500.
After an unsuccessful attempt to surpass the $0.60 resistance barrier, XRP experienced a reduction in its price levels. Currently, it is trading beneath $0.5720 and below the 100-hourly Simple Moving Average, suggesting a weakening bullish trend. More significantly, a crucial bullish trend line that previously provided support at $0.5850 has been breached, raising concerns about further declines in the XRP/USD pair.
Previously, XRP had managed to rise above the $0.550 level alongside notable cryptocurrencies like Bitcoin and Ethereum. Nonetheless, the upward momentum fizzled as it failed to push past the $0.600 resistance zone, with a high noted at $0.5989 before the market started to correct. Following this peak, the price dipped below $0.5750, which is critical as it has now fallen below essential supports.
Resistance levels are now framed at $0.5720 and the 100-hourly Simple Moving Average, with significant hurdles ahead at $0.580 and $0.5850. A decisive break above the $0.5850 mark could potentially lead XRP to test the $0.5980 resistance again, with even higher targets around the $0.6120 and $0.620 levels.
On the downside, if XRP does not overcome the $0.5720 resistance, it might continue its decline. Initial support can be found at $0.5550, while $0.5420 represents a crucial retracement level. If trading falls below this, it could lead to a drop towards $0.530, with a further critical support level at $0.5250 on the horizon. Thus, monitoring these support and resistance levels will be essential for predicting XRP’s next movements.
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