2024

Yield

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 <p>Ripple (XRP) faces a precarious moment as it battles to maintain support at the pivotal $0.55 price level. According to crypto trader Ali, a breakdown below there risks sparking significant capitulation that could extend as low as $0.34.</p>
 <p>In a recent tweet, Ali cautioned followers to prepare for the possibility of substantial downside should $0.55 fail to contain selling momentum. That would represent a nearly 40% drop from current levels.</p>
 <p><strong>Also read: Ripple: Analyst Expects XRP To Hit $2.8 If This Happens</strong></p>
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    <p lang="en" dir="ltr">$XRP is currently grappling to maintain its footing at the crucial $0.55 support level. Should this support fail to hold, be prepared for a possible sell-off scenario that could see #XRP descending toward $0.34! pic.twitter.com/6oKObjpnnm</p>— Ali (@ali_charts) January 18, 2024
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 <p>XRP has struggled to reclaim momentum following a failed rally last month built largely on optimism around a Bitcoin spot ETF in the U.S. Approval of the landmark crypto product provided only a fleeting boost before fears over inflation and monetary policy quashed market spirits.</p>
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 <p>Bitcoin has faced similar challenges, with its own price action weakening considerably since nearly breaching $48,300 on the ETF news. The cryptocurrency currently falls below critical support of around $42,000 and is trading at $41,000.</p>
 <h2 class="wp-block-heading" id="h-will-xrp-lose-its-support">Will XRP lose its support?</h2>
 <p>XRP’s fate appears tied to that of Bitcoin and broader indices in the near term. Without a swift reversal fueled by renewed institutional adoption or other catalysts, Ali’s warnings of a decline toward 9-month lows could quickly materialize.</p>
 <p><strong>Also read: Cryptocurrency: Top 5 Altcoins That Could Yield Maximum Profit In 2024</strong></p>
 <p>Traders eye the $0.50-0.55 area as the last line of defense before XRP goes into technical freefall. However, repeated failures to rally back above $0.60 don’t inspire confidence in the token’s outlook.</p>
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 <p>Without a swift move back above $0.60, XRP may continue drifting onto shakier ground. If $0.55 gives way, Ali’s warning of a capitulatory plunge could quickly develop into reality rather than just speculation. Traders hoping for some holiday cheer could face a lump of coal instead.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/ripple-xrp-could-drop-to-0-34-if-it-breaks-this-support-tbt77134.html">https://thebittimes.com/ripple-xrp-could-drop-to-0-34-if-it-breaks-this-support-tbt77134.html</a></p>

Ripple (XRP) Could Drop To $0.34 If It Breaks This Support

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TheBitTimes

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