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In recent days, the price of XRP has been on a downward trend, falling from its high at the $0.740 zone. A notable slump in price was observed as it moved below the $0.685 and $0.638 support levels, ultimately falling below the $0.612 mark. This saw XRP performing weaker than both Bitcoin and Ethereum. Despite a brief recovery wave starting at $0.572, bear activity around the $0.638 mark lead to a subsequent decrease in price. A high near $0.6385 was recorded before the price started to move lower once more resulting in a break below the 50% Fibonacci retracement level moving upwards from $0.5723 to the $0.6385 high.
Presently, XRP is trading below $0.625 and the 100 simple moving average (4 hours), with the formation of a key declining channel at resistance around $0.622 evident in the 4-hour chart. In terms of resistance, immediate resistance can be found around the $0.615 mark, with the first main resistance level close to the $0.622 region, or the 100 simple moving average over 4 hours or the higher end of the channel. A close above the $0.622 resistance region may stimulate a steady rise. However, if XRP cannot clear this region, a fresh decline may be imminent, with the initial support measured around the $0.588 region.
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