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XRP Price Dips to $0.480: Big Chance for Price Breakout?

XRP Price is currently going down. Even though it’s trying to recover and break through key resistance levels, it’s facing significant challenges particularly around the $0.480 mark, unfortunately the latest update shows that XRP Price is having trouble staying above critical support levels, which suggests that there might be more declines in the near future.

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XRP Price Dips to $0.480: Big Chance for Price Breakout? 5

XRP Price Action and Technical Analysis

The hourly chart for the XRP/USD pair from Kraken reveals a challenging scenario for XRP bulls, and recently, XRP Price tried to break through the $0.4800 resistance level, but it didn’t succeed. As a result, the price dropped below important points like $0.4750 and the 100-hourly Simple Moving Average (SMA). Right now, the price is hanging around the 61.8% Fibonacci retracement level between the recent low of $0.4619 and the recent high of $0.4797.

XRP Price is facing a challenge. There’s a bearish trend line around $0.4720. This line shows that when XRP tries to go higher, there’s strong selling pressure pushing it down, and sadly, this resistance has been a major obstacle, preventing XRP from going up consistently

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XRP Price Dips to $0.480: Big Chance for Price Breakout? 6

Factors Influencing XRP’s Price Movement

XRP Price drop can be explained by a few things. First, overall market sentiment plays a role, and second, there are technical resistance levels that XRP struggles to break through. And third, specific events within the cryptocurrency world impact it. The fact that XRP couldn’t go past the $0.480 resistance zone shows that investors are still feeling bearish and taking profits. The fact that XRP couldn’t go past the $0.480 resistance zone shows that investors are still feeling bearish and taking profits, and the fact that XRP couldn’t go past the $0.480 resistance zone shows that investors are still feeling bearish and taking profits.

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XRP Price Dips to $0.480: Big Chance for Price Breakout? 7

Potential Scenarios and Support Levels to Watch

XRP currently has support around the $0.4680 level, If it falls below this support things could get worse, and the next big support is at $0.4620. But here’s the real concern: if selling pressure gets stronger and the price drops below $0.4620, there’s a risk of a bigger decline toward the $0.4320 support level in the near future.

Upside Potential and Resistance Levels

XRP wants to become bullish again. To do that, it has to get past the $0.4720 resistance. If it succeeds, pay attention to $0.4750 and the crucial $0.480 zone. If it breaks above $0.480, it could start a rally toward $0.4850 and maybe even $0.500, Keep an eye out for more resistance around $0.5120 and $0.5250, becouse these levels could pose challenges for XRP’s upward movement..

Conclusion

XRP’s recent price movement indicates that it’s struggling. Despite its attempts to recover, it faces challenges. The fact that it can’t break through critical resistance levels and is under strong selling pressure, can make traders and investors cautious. Keep an eye on support and resistance levels to figure out where XRP might go next.

In simpler terms: XRP is having a hard time, and if it drops below $0.4680, things could get worse. The next major support is at $0.4620. But here’s the real worry: if selling pressure gets even stronger and the price falls below $0.4620, there’s a risk of a bigger decline toward the $0.4320 support level soon.

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XRP Price Dips to $0.480: Big Chance for Price Breakout? 8

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Disclaimer

The content presented here may express the author’s personal opinions and is subject to change based on market conditions. It is crucial to conduct your own market research before investing in any cryptocurrency. Neither the author nor this publication assumes any responsibility for any financial losses you may incur.