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No, It's Not 'Over' for XRP: 3 Key Price Levels to Watch

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Thu, 1/02/2024 - 9:03
No, It's Not 'Over' for XRP: 3 Key Price Levels to Watch
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XRP is in search of a stable footing after a period of decline. The first significant support level is found at $0.48. This price point has historically been a region where buying has increased, offering solid ground for XRP/USDT chart. If the price stabilizes and holds above this level, it could neglect the bearish sentiment and signal the start of a bullish reversal.

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In case the $0.48 support fails to hold, the next level to watch is around $0.46. This support zone is crucial as it represents a previous resistance-turned-support area — a technical signal often regarded as a strong foothold for a price recovery. A bounce from this level could reaffirm investor confidence and pave the way for a potential trend reversal.

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XRP/USDT Chart by TradingView

The third and most critical support level is situated at approximately $0.33. A drop to this point would be a significant retracement, yet it also stands as the last resort for a bullish scenario. It is a level that has seen substantial buy-side pressure in the past, capable of igniting a strong comeback.

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For a realistic bounce scenario, the most probable course would see XRP rebounding from the first support at $0.48. A successful defense of this level could initiate a short-term relief rally of around 10-15%, pushing the price toward the $0.55 mark. This move would represent a retest of the middle Bollinger Band on the daily chart, often considered a mean-reversion zone.

However, if market sentiment improves and XRP finds more solid support from buyers, we could witness a stronger rally, potentially heading toward the $0.60 resistance. Such a move would not only recover losses but also set the stage for a more extended recovery phase, possibly retracing up to the $0.70 region.

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