XRP Could Drop Another 10%, Here’s What Happens Next

XRP Could Drop Another 10%, Here's What Happens Next

As the year 2024 progresses, XRP has seen a critical drop, losing over 15% from its recent peak, and is now hovering around the $0.52 mark. The decline in volume suggests that the current downturn could be losing momentum in the near term, but substantial support levels below the current price remain missing.

As the year 2024 progresses, XRP has seen a critical decline, losing over 15% from its recent peak, and is now hovering around the $0.52 mark. The decline in volume suggests that the current downturn could be losing momentum in the near term, but substantial support levels below the current price remain missing.

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The next notable line of defense for XRP lies at the $0.47 support level, a threshold that has historically proven resilient and has bounced back three times in the past, most notably in October. This story could well be the prelude to another recovery.

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

XRP, recognized primarily for its transactional utility and as a medium of exchange, currently does not offer great value in other domains, especially compared to Solana or Ethereum. Furthermore, the current legal dilemmas 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 be cautious considering XRP’s unpredictability and its inability to follow general market trends. If XRP breaks above the $0.47 support, it may trigger a further 10% decline, potentially settling in the $0.42 to $0.43 range before finding a new base for price stabilization. However, the $0.47 level has historical significance and could act as a springboard for recovery again if it remains strong.

It is essential to note that the legal issues surrounding XRP are a double-edged sword, capable of fueling a rally or exacerbating a decline depending on the results of any procedure. Should favorable legal developments occur, we could witness a rapid change in sentiment, pushing XRP back towards the $0.60 resistance level, and potentially higher if broader market conditions support it.

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