Ripple‘s cryptocurrency XRP has experienced a notable slump of over 23% in just a week, falling below the $2.40 threshold. After briefly surpassing the $3 mark on February 1, XRP has remained relatively stagnant. The price decline followed an unsuccessful surge attempt on January 16, leading XRP into a corrective phase as it approaches crucial support levels. Similar to Bitcoin and other leading cryptocurrencies, XRP is currently facing significant selling pressure.
What’s Next for XRP Coin Prices?
Technical analysis suggests that XRP may have bottomed out on February 3, indicating a possible upward trend. If XRP can reclaim the $3 level, it might aim for targets of $4.20 and $5 in subsequent trading.
Could XRP Face Further Declines?
Conversely, the current downturn could be indicative of a larger correction. Should the price dip below support levels of $2.20 or $2.10, a swift decline may follow. The $1.95 mark has emerged as a significant support zone, and falling beneath this could lead XRP to a sharp retracement, potentially down to $1.20.
Key levels to monitor in the XRP market include:
- Support Levels: $2.35, $2.22, $2.11
- Critical Drop Point: $1.95
- Upside Trigger: $2.70 and above
- Possible Major Targets: $4.20, $5.0, $6.60
XRP’s price movements are heavily influenced by market conditions, and these factors could either hinder or help its recovery. Investors and traders should remain vigilant as the cryptocurrency navigates these pivotal thresholds.
