As we enter February, XRP has been facing consolidation, with the price staying stable. This is happening just below its recent high of $3.40, reached on January 16th. To reach new all-time highs, this level needs to be breached.
Short-Term Price Action
Currently, XRP is experiencing a period of sideways consolidation, hovering just below the $3.10 mark. While the price hasn't made significant upward moves recently, this could be a temporary phase before a potential breakout.
Long-Term Outlook and Potential Fifth Wave
Looking at the long-term chart, XRP seems to be in the midst of a fifth wave completing a longer-term uptrend. Once this wave is completed, the market may experience a correction or pullback. These pullbacks could range from a smaller wave four to a larger correction.
Key Levels and Potential Risks
Short-term support has been found at key levels, especially on January 27th, where a potential bottom was marked in wave two. The $3.40 area remains significant resistance. A break above this could target higher prices at $4.20, $5, and $6.62. However, if the price drops below $2.52, a larger correction may be underway, focusing on the $1.96 level.
XRP shows signs of stability in the short term, while long-term changes depend on breaching resistance levels. Investors should keep an eye on key levels and potential risks.
