XRP Holds Key Fibonacci Level, While DOGE Uptrend Concludes
XRP's price maintains the 38.2% Fibonacci retracement level, suggesting continued bullish sentiment, whereas DOGE's uptrend appears to have ended.
Key Insights:
- XRP maintains the 38.2% Fibonacci retracement from its recent surge between November and January.
- DOGE has fallen below the 61.8% retracement, indicating a conclusion to its rally.
Market Overview
The cryptocurrency XRP is experiencing a decline, but it remains buoyant as the price finds support at a key Fibonacci level. After hitting a peak of $3.40 in mid-January, XRP has since retraced, with its current price around $2.28, based on TradingView and CoinDesk data.
Despite the pullback, this represents just a 38.2% Fibonacci retracement, which is a critical area for potential trend continuation. Positive signals exist, with recent reports showcasing optimism if XRP can hold this level. For example, Brazil has approved an ETF for XRP, enhancing the likelihood of institutional interest.
XRP Daily Chart
Caption: XRP’s daily chart with Fibonacci retracements.
In contrast, DOGE is facing a bearish outlook as it drops back below the 21 cents mark, reflecting over a 70% retracement from its previous highs in December.
DOGE Chart
Caption: DOGE has retraced significantly, signaling an end to the prior uptrend.
