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$XRP is at a pivotal technical juncture after being rejected near the $2.70 level. The recent pullback has placed it at a critical support zone that will determine its next significant move.
⚫📊 Current Snapshot:
➡️Key Resistance Lost: $2.65 and the 100-hourly SMA
🔴Critical Support Zone: $2.55 - $2.565
➡️Market Structure: Neutral-Bearish in the short term following the break of a bullish trend line.
⚫🔍 Technical Breakdown:
➡️The Bearish Shift: The break below the $2.635 bullish trend line and the 100-hourly SMA was a significant shift in short-term momentum. The MACD is in the bearish zone and the RSI is below 50, confirming the loss of bullish strength.
➡️The Bullish Hope: The larger recovery from the $2.327 low is still intact as long as the price holds above the $2.55 support and the 50% Fib retracement level ($2.512).
⚫⚔️ The Path Ahead:
➡️Bullish Scenario: A bounce from the $2.55 support and a break back above $2.65 could reignite the uptrend, targeting $2.72 and higher.
➡️Bearish Scenario: A failure to hold $2.55 and a break below $2.512 could signal a deeper correction toward $2.45.
🔴❓Will the $2.55 support hold, creating a higher low and confirming the underlying bullish structure, or will the breakdown continue?
What's your read on the charts? Share your analysis below.
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