XRP has experienced a significant decline, dropping over 23% in the past week and falling below $2.40. The popular altcoin had briefly surpassed $3.00 on February 1 but has since traded sideways. Following a failed breakout attempt on January 16, XRP entered a correction phase and is now approaching key support levels. With increasing sell pressure across the crypto market, will XRP manage to recover?
XRP Price Analysis & Key Levels
According to technical analysis, XRP may have found a bottom on February 3, potentially setting the stage for a new uptrend. If the price reclaims the $3.00 level, possible targets include $4.20 and $5.00. A stronger momentum shift could even push XRP toward $6.60, but for this scenario to play out, XRP must first break above $2.70. This level is crucial for confirming a trend reversal.
Short-Term Bearish Scenario
On the other hand, the recent XRP downturn could indicate a larger correction phase. If the price falls below $2.20 or $2.10, further downside pressure is expected. A critical support level to watch is $1.95—a break below this threshold could accelerate losses, potentially driving XRP down to $1.20.
Key Levels to Watch for XRP Investors
- Support Levels: $2.35, $2.22, $2.11
- Critical Bearish Threshold: $1.95
- Bullish Breakout Level: $2.70 and above
- Potential Upside Targets: $4.20, $5.00, $6.60
As market sentiment remains uncertain, XRP investors should closely monitor these technical levels. Stay updated with the latest crypto market insights on Dey There.
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