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XRP, the Ripple-affiliated token, has <a href="https://x.com/Belisarius2020/status/1837981679845363734" rel="noopener noreferrer nofollow">failed</a> to hold above the pivotal $0.60 level.&nbsp;
The token is showing weakness despite the relative bullishness of the broader cryptocurrency market.
Earlier today, Bitcoin managed to break above the $64,000 level, adding 1.5% over the past 24 hours. The vast majority of major altcoins are also in the green, with Ethereum (ETH) adding 3.2%.&nbsp;
After dipping by nearly 1% over the past 24 hours, XRP has ended up among the worst-performing cryptocurrencies in the top 100, with only Bonk (BONK), BitTorrent (BTT), and several arcane cryptocurrencies showing more underwhelming results.&nbsp;&nbsp;
According to analyst Bill Morgan, the bulls' inability to gain a footing above the aforementioned level matters in the short term.&nbsp;
"Failure to break and stay above $0.60 means soon falling below the 20-day EMA and it has been a point of strong resistance," he said.&nbsp;
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<h2 id="an-antidote-to-hype">"An antidote to hype"</h2>
Morgan has clarified that his observation is supposed to be "an antidote" to the hype surrounding the controversial token.&nbsp;
Many community members have been incessantly speculating about XRP potentially hitting a new lifetime peak after Ripple's battle with the SEC seemingly came to an end earlier this year.&nbsp;
<h2 id="no-price-suppression">No price suppression&nbsp;</h2>
Last month, David Schwartz, chief executive officer at Ripple, <a href="https://u.today/ripple-exec-speaks-out-about-xrp-price-manipulation-accusations" rel="noopener noreferrer nofollow">stated</a> that he had no idea what factors were actually driving up the price of XRP.&nbsp;
Earlier this week, Schwartz also shut down price manipulation conspiracies, claiming that he would make the price go up if he could since he himself is a holder of the XRP token.&nbsp;

XRP Fails to Hold Above Key Level. Does It Matter?

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