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02/10/24
100
XRP Faces Resistance in Recovery Attempt After a Decline Below $0.6000
XRP has recently experienced a decline, testing the support level at $0.5785. Currently, the digital asset is making an effort to recover but is encountering resistance around the $0.620 level. The price has dropped below the $0.6120 level and is trading under $0.6250, also remaining below the 100-hourly Simple Moving Average. A key bearish trend line has formed, posing resistance at approximately $0.6220.
Following the recent market downturn, XRP fell below the significant $0.6000 support level, hitting a low of $0.5782. Although there was a brief recovery above $0.6000, the price remains in a consolidation phase, having approached the 23.6% Fibonacci retracement level of the decline from the $0.6640 high down to the $0.5782 low. Presently, the price is slightly above $0.6250 but still faces obstacles at the $0.6220 resistance area—a critical battleground influenced by the evolving trend line.
Looking ahead, if XRP can navigate past both the $0.6220 and $0.6250 resistance levels, the next target would be $0.6320. A successful breakout above that level may propel the price toward the $0.6500 level and potentially to $0.6640, or even $0.6800, in the forthcoming sessions.
Conversely, if XRP struggles to surpass the $0.6250 resistance, the likelihood of further declines increases. Initial support can be found around $0.6000, with a more significant support level at $0.5920. Should the price dip below the $0.5920 level and close lower, it may descend toward the $0.5780 support level, with the next crucial threshold being near the $0.5650 area.
Technical indicators suggest that the hourly MACD is losing momentum within the bearish zone, and the Relative Strength Index (RSI) remains below the neutral 50 level, indicating potential for continued weakness in the price movement.
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