XRP Could Drop Another 10%, Here’s What Happens After
As 2024 dawns, XRP has suffered a serious decline, down more than 15% from its recent peak and currently hovering around the $0.52 mark. The decrease in trading volume suggests that the current downturn may be losing momentum in the near term, but there is still a lack of substantial support below current prices.
The next notable line of defense for XRP is support at $0.47, a threshold that has historically proven to be resilient, having bounced off this level three times in the past, particularly in October. This history may well be a prelude to another rebound.
Recognized primarily for its transactional utility and as a medium of exchange, XRP currently does not offer widespread value in other areas, especially compared to Solana or Ethereum. Additionally, ongoing legal woes have cast a shadow, creating a compelling bearish narrative for the asset, leading to recent price depreciation.
Going forward, it is important to remain cautious given the unpredictability of XRP and its inability to follow the overall market trend. If XRP breaks support at $0.47, it could drop a further 10% and could eventually stabilize in the $0.42 to $0.43 range before finding a new bedrock of price stability. However, the $0.47 level is historic and could once again serve as a springboard for recovery if it remains strong.
It’s worth noting that the legal issues surrounding XRP are a double-edged sword that could either fuel gains or exacerbate losses depending on the outcome of any litigation. If there are favorable legal developments, we could see a quick reversal in sentiment, pushing XRP back towards the $0.60 resistance, and potentially higher if broader market conditions are favourable.
