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XRP Weakens as Price Nears $2.05 Support


XRP has recently tumbled to the point of 0.618 Fibonacci retracement of around $2.29, a point that at an earlier stage attracted the attention of buyers. In this instance, follow-through is minimal.

There is a greater support zone that is a little lower at the 0.786 Fibonacci level at $2.05. This has been a ground in previous accumulation periods, and it is one of the most important lines that the bulls have to hold.

When the price goes below the range of $2.20-$2.05, then the next structural support is indicated in the chart as $1.35. This level relates to consolidation zones that have occurred previously and is congruent with the lower cluster of weekly EMAs.

A decline to this level would verify the further correction and further the sideways trend that has been prevalent in recent months.

Momentum hints provide additional forewarnings. The RSI stands at 43, moving in the bearish region with still more margin of loss. This can be seen in that it was not able to regain its position above the midpoint at 50.
XRP-7.25%
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