Here’s Why XRP Could Fall to $0.47 if $0.54 Support is Breached

XRP has recently faced difficulties in rebounding from its two-week lows, with some analysts anticipating further declines. 

The current XRP price action shows that the $0.54 support level is critical, as noted by pseudonymous analyst “Lord Crypto.” This level, once a major resistance earlier this year, now acts as a crucial support. 

After testing this support multiple times since July, the price has consistently bounced back, reinforcing its significance. On the other hand, the upper resistance zone sits between $0.64 and $0.72, where XRP has struggled to sustain momentum. Additionally, resistance at $0.58 has proven difficult to maintain, signaling challenges for the token in its upward movement.

Potential for Further Declines

Per the analyst, if XRP fails to hold the $0.54 support level, a drop to $0.47 could be on the horizon, as this is the next solid line of defense.

The analyst has expressed concerns about these support levels, especially amid speculation surrounding the SEC’s potential appeal in the Ripple case. The uncertainty around this legal battle continues to weigh heavily on market sentiment, leaving XRP vulnerable to further losses.

XRP Showing Strength Against Bitcoin 

Despite the challenges, XRP has shown some strength against Bitcoin, which plummeted in the past 24 hours. While XRP recorded a 2% decline, Bitcoin dropped by over 4%, reflecting a broader market downturn. 

As of today, XRP is priced at $0.5516, with a 24-hour trading volume exceeding $1.3 billion. However, the uncertainty continues, and market participants are divided, with some expressing optimism for a possible rebound while others remain cautious.

XRP’s Potential to Reach $100

For instance, crypto analyst Zain Haider recently initiated a discussion on X, prompting XRP enthusiasts to consider how the token could reach $100. Grissom’s analysis highlighted the substantial role that Nostro/Vostro accounts could play in driving XRP’s price upward.

These accounts, which banks use to facilitate cross-border transactions, currently hold trillions of dollars in liquidity. Grissom speculated that if these accounts begin to shift towards XRP for liquidity solutions, demand for the token could significantly increase.

This liquidity shift, according to Grissom, would be a crucial factor in driving the price of XRP towards the $100 mark.