XRP:
After continuous decline, the price of XRP found short-term support near $0.5720. After forming a short-term low at $0.5714, the price of XRP, like Bitcoin and Ethereum, began a new round of upward movement.
The current price has also broken through the resistance levels at $0.5880 and $0.600, and has also risen above the 0.236 Fibonacci retracement level from the high of $0.7442 to the low of $0.5714. Bulls have pushed the price above the $0.620 resistance area, but pressure still exists near $0.640.
The price of XRP has also broken through the 100MA moving average on the 4-hour chart. In terms of upward movement, the recent resistance is near $0.640. A key bearish trend line is forming on the 4-hour chart of XRP, with resistance near $0.640.
The next key resistance level will be near $0.6580, which is close to the 0.5 Fibonacci retracement level from the high of $0.7442 to the low of $0.5714. I believe that if the price of XRP closes above the $0.6580 resistance area, it may trigger a stronger upward movement.
The next key resistance level will be near $0.700. If bulls continue to exert strength above the $0.700 resistance level, the price may rebound towards the $0.7440 resistance level. Subsequent larger gains could potentially push the price of XRP towards the $0.800 resistance level.
On the other hand, if XRP fails to break through the resistance area near $0.640, it may resume its decline. The initial support level for downward movement is near $0.600.
The major lower support level is near $0.5720. If a downward trend occurs and the closing price falls below $0.5720, the price may accelerate downwards and retest the support area at $0.5250.
Technical Indicators:
The 4-hour MACD histogram is currently in a shrinking bullish area, and the RSI is near a value of 50. Short-term major support levels to focus on are $0.600, $0.5720, and $0.5250. Major resistance levels are $0.640, $0.6580, and $0.700.
Summary:
_XRP's price remains above the $0.60 area. If the closing price falls below the support area of $0.570, a bearish trend may emerge. Currently, XRP is also facing pressure near the $0.6580 area.
The price has also returned to below $0.640 and the 4-hour 100MA moving average. Additionally, a key bearish trend line can be seen on the chart, with resistance near $0.640.
Personally, I believe that if the closing price falls below the $0.5720 support level, XRP may experience a short-term decline._
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