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Market Analysis

XRP Technical Analysis – Bears Bring Swift End to Stagnation

The lack of any significant moves fron the XRP token looks to have broken a couple of “long-term” HODLers in recent times. Signs of giving up had started appearing, with a few supposed believers starting to sell their holdings due to the lack of movement in price action. Since the turn of the year $XRP has generally ranged between $0.30-40, whilst Bitcoin has surged from the $3,000’s to almost $14,000.

Due to XRP’s unique PoC mechanism, it moves differently to BTC, ETH and hence majority of Altcoins. However, with this weeks drop across the board, $XRP did in-fact make significant moves, to the downside.

Price fell to the $0.30 level, and siginifcantly had a daily candle closure below the key $0.335 resistance level. Due to the relief of many investors, price has managed to recover slightly today, with the next upside resistance zone of $0.367. For any short-term bullish bias to remain, a weekly closure above the $0.335 level is imperative, otherwise a fall to $0.29 may well be on the cards.

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