XRPs Next Support Level Revealed as Price Dips Below $0.45!

XRPs Next Support Level Revealed as Price Dips Below $0.45!

Ripple’s XRP token faces a significant drop below the critical support level of $0.45 due to the current bearish sentiment surrounding potential interest rate hikes and the looming US debt ceiling crisis, despite its recent ascension past Bitcoin to become the most traded asset on South Korea’s largest cryptocurrency exchanges.

As traders navigate an uncertain worldwide financial landscape, Ripple’s XRP Ripple (XRP) crypto token isn’t immune to the shockwaves reverberating through the cryptocurrency markets. The price of XRP Ripple (XRP) has it’s worth noting that slipped below the critical level of support of $0.45, causing a stir between traders and investors. This whole lot of fall can largely be attributed to the present bearish sentiment surrounding potential interest price hikes and the looming United States debt ceiling crisis, which have started affecting the crypto altcoin market significantly, and thus, the XRP Ripple (XRP) price.

XRP Ripple (XRP) Outshines On the other hand, Fails To Hold Momentum

In an unexpected twist, XRP Ripple (XRP), Ripple’s native digital coin, has ascended past Bitcoin (BTC) to become the most traded investment on South Korea’s largest digital currency exchanges, Upbit and Bithumb, in terms of trading volume.

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Remarkably, for two days running, XRP Ripple (XRP), as of now ranked as the sixth- largest digital currency by market cap, has managed to steal the limelight from Bitcoin (BTC) in volume of trading. This event signifies the burgeoning popularity of XRP Ripple (XRP) amongst Korean investors, potentially indicating a shift in the overall cryptocurrency market dynamics.

As it stands, XRP Ripple (XRP) holds the top spot as the digital currency with the highest volume of daily trading. It chalked up approximately $208 Million on Upbit and $50 Million on Bithumb in volume of daily trading. On the other side , Bitcoin (BTC) saw a volume of trading of $96 Million on Upbit and $27 Million on Bithumb in the previous 24 hours.

XRP’s ascent to prominence can be credited to numerous variables. Central to this has been Ripple’s tactful collaborations with prominent Korean financial entities, including GME, South Korea’s preeminent remittance service company, and leading exchanges.

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Furthermore, the anticipation of the SEC failing to uphold pivotal arguments has further buoyed this optimism. If this expectation materializes, it  can potentially potentially catalyze a surge in XRP’s price, propelling it to unprecedented levels.

XRP Ripple (XRP) Steeply Declines From $0.45

This coming week started off on a promising note for XRP Ripple (XRP), with the digital investment trading comfortably over $0.45. Nonetheless, bearish sentiment trapped bulls, plunging the price below 23.6 percent Fib level. As of writing, XRP Ripple (XRP) price trades at $0.4491, declining over 2.5 percent in the last 24 hours. 

The market bulls have struggled to push XRP Ripple (XRP) past the prevailing downtrend line, and initiated a steep decline near the EMA-50 tendency line at $0.45. This signifies a shift towards a bearish sentiment, with market tops being confiscated as selling opportunities.

The 20-day EMA is slowly beginning to tendency downwards, and the Relative Strength Index (RSI) is situated within the negative zone. This implies that the easiest route is likely downward. If buyers manage to push the price from $0.43 and send it over the 50-day EMA of $0.45, XRP’s value could gain momentum, potentially soaring as high as $0.47.

Nonetheless, if the price slides below $0.44, it may begin a downturn that could pave the way for a fall towards the critical support zone near $0.4.

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