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XRP Might Drop Another 10%, Here's What Happens After

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Tue, 23/01/2024 - 8:30
XRP Might Drop Another 10%, Here's What Happens After
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As 2024 unfolds, XRP has encountered a critical decline, shedding over 15% from its recent peak, now hovering around the $0.52 mark. The diminishing volume suggests that the current downturn could be losing momentum in the short term, yet there remains a lack of substantial support levels below the current price. 

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The next notable line of defense for XRP is at the $0.47 support level, a threshold that has historically proven resilient, rebounding from it thrice in the past, most notably in October. This history could well be a prelude to another bounce back.

https://www.tradingview.com/
XRP/USDT Chart by TradingView

XRP, primarily recognized for its transactional utility and as a medium of exchange, currently does not offer extensive value in other domains, especially when compared to Solana or Ethereum. Moreover, ongoing legal quandaries cast a shadow, forming a compelling bearish narrative for the asset, contributing to the recent price depreciation.

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Looking ahead, it is important to stay cautious considering the unpredictability of XRP and its inability to follow general trends on the market. If XRP breaches the $0.47 support, it may trigger a further 10% fall, potentially settling around the $0.42 to $0.43 range before finding a new bedrock for price stabilization. However, the $0.47 level has historical significance and could once again act as a springboard for recovery if it holds strong.

It is paramount to note that the legal issues surrounding XRP are a double-edged sword, capable of either fueling a rally or aggravating a decline based on the outcomes of any proceedings. Should there be favorable legal developments, we could witness a swift sentiment reversal, propelling XRP back toward the $0.60 resistance level, and potentially higher if broader market conditions are supportive.

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