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06/08/24
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XRP Recovery Gains Momentum: Eyes on Resistance at $0.5120
XRP has initiated a recovery phase after hitting a low of $0.4320, showing an increase of over 8%. However, the cryptocurrency now faces significant resistance around the $0.5120 mark. Following a period of decline where it fell below crucial support levels at $0.500 and $0.4550, XRP is currently trading below the $0.5250 threshold and the 100-hour Simple Moving Average.
Recently, XRP experienced a downturn similar to that of other major cryptocurrencies like Ethereum and Bitcoin, ultimately testing the $0.4320 support level. Following this dip, a rebound led to a rise above the $0.4550 and $0.480 resistance zones. The price managed to recover beyond the 50% Fibonacci retracement level derived from a previous downward trend, which began at the $0.5765 high.
Despite this recovery, XRP remains below the $0.550 level and continues to encounter resistance due to a pivotal bearish trend line forming near $0.5120. Traders are observing important resistance between the current level and the $0.5150 threshold. Should XRP overcome this barrier, the next significant resistance is anticipated near the $0.540 level, coinciding with the 100-hour Simple Moving Average and near the 76.4% Fibonacci retracement level from the earlier downtrend.
If the upward momentum continues and XRP breaks through $0.550, it could potentially target the $0.5550 and $0.5680 resistance levels. Further gains might push the price toward $0.580 or even $0.5880. Conversely, if XRP fails to surpass the $0.5120 resistance, it risks starting another downward movement. Initial support levels lie at $0.4880, with further significant support at $0.4750. A break below $0.4750 could see XRP declining toward the $0.4500 mark, with additional support at $0.4320.
Technical indicators suggest strengthening bullish momentum, with the MACD gaining momentum and the Relative Strength Index (RSI) currently positioned above the midpoint of 50.
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