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<p>The price of major cryptocurrency XRP is currently testing a significant support level, and failure to hold this level could spark a major sell-off, <a href="https://twitter.com/ali_charts/status/1747969365733933179?t=DBMmvFDXXg6ICO9OUu_QkQ&amp;s=19" target="_blank" rel="noopener noreferrer nofollow">according to technical analyst Ali.</a></p>
<p><strong>Testing Crucial Support</strong></p>
<p>Ali notes that XRP is currently grappling to maintain support at the $0.55 level. This price area corresponds to an important upward-sloping trendline support that <a class="wpil_keyword_link" href="https://captainaltcoin.com/ripple-xrp-price-prediction/" title="XRP" data-wpil-keyword-link="linked" target="_blank" rel="noopener noreferrer nofollow">XRP</a> has bounced off multiple times in the past.</p>
<p>However, if the $0.55 zone is unable to hold as support this time around, Ali believes XRP could be in for a steep decline.</p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="666" src="https://captainaltcoin.com/wp-content/uploads/2024/01/image-536-1024x666.png" alt="" class="wp-image-424179" srcset="https://captainaltcoin.com/wp-content/uploads/2024/01/image-536-1024x666.png 1024w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-536-300x195.png 300w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-536-768x499.png 768w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-536-1536x998.png 1536w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-536-2048x1331.png 2048w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-536-231x150.png 231w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-536-100x65.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-536-336x220.png 336w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-536-538x350.png 538w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-536-788x512.png 788w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-536.png 900w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure>
<p><strong>Potential 40% Selloff</strong></p>
<p>Specifically, Ali warns that a decisive break below $0.55 could open the door for a sell-off scenario that sends XRP plummeting towards the $0.34 level. This would represent a decline of approximately 40% from current prices.</p>
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<p>So in summary, XRP bulls are hoping the crucial long-term support around $0.55 manages to hold firm and prevent a major technical breakdown. Otherwise, Ali and likely other analysts see potential for a 40% drop if that area gives way. Traders may want to watch for a daily close below $0.55 before bracing for further downside.</p>
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<p>The post <a href="https://captainaltcoin.com/ripples-xrp-faces-potential-40-decline-if-this-crucial-support-fails-to-hold/" rel="noopener noreferrer nofollow">Ripple’s XRP Faces Potential 40% Decline If This Crucial Support Fails to Hold</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Ripple’s XRP Faces Potential 40% Decline If This Crucial Support Fails to Hold

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