XRP's price is currently below the $2.50 level, having declined by more than three percent. Recently, the price hit a low of $2.36 and is once again eyeing a break above the $2.50 and $2.70 marks, which have been strong support levels in the past.
Current Assessment of XRP
At the time of writing, XRP is showing a decline of over 22% in the past seven days. As of February 3, XRP reached the $1.95 level but has since bounced back.
Microstructure Analysis
On smaller time frames, XRP's price movement since February 3rd shows a potential impulsive move upward. Although the typical five-wave pattern isn’t clearly visible, this could be due to the rapid sell-off and subsequent quick recovery. Critical support levels between $1.95 and $2.35 are worth watching.
Important Support Levels
The XRP chart continues to show a bullish structure as long as the price holds above the $1.20 level. This key support was recently tested following a sharp sell-off in the altcoin sector. If XRP remains above this $1.20 threshold, the next targets for upside movement could be around the $4.20, $5, and $6.60 levels.
The current situation with XRP highlights the significance of key support levels and potential recoveries, requiring close monitoring in the near future.
