XRP Holds 38.2% Fibonacci Level While DOGE Downtrend Continues
Payments-focused cryptocurrency XRP has experienced a 25% decline this month, dropping to $2.28 from a January peak of $3.40. This decrease constitutes a 38.2% Fibonacci retracement from its prior uptrend that began from a low of 49.5 cents.
- XRP's potential recovery is supported by upcoming Fibonacci levels (50% and 61.8%) which may indicate areas for price resumption.
- Brazil's securities regulator has registered the first spot XRP exchange-traded fund (ETF), potentially boosting institutional demand.
- The U.S. is reviewing XRP ETF applications, which could further increase interest if approved.
In contrast, Dogecoin has dropped below 21 cents, surpassing a 70% retracement of its rally from October lows near 10 cents to a December high of 48.4 cents. This suggests that Dogecoin's primary trend may have ended, as it exceeds the critical 61.8% retracement level.