The current state of XRP affects investor sentiment. We examine two possible price movement scenarios.
Current Market Situation for XRP
Ripple's XRP is currently down by more than two percent and is trading slightly below the $2.60 level. The coin has lost over 8% in the last seven days and is seen as a potential support zone if the price holds steady.
First Scenario: Correction Ending?
In this scenario, XRP might have completed its correction phase and is ready to begin moving higher. After a significant price drop on February 3, the market saw a rally and a subsequent pullback. If this correction has now finished, we could see XRP start moving upwards, potentially pushing the price towards the previous high of $3.40. However, this scenario will be invalid if the price falls below the critical level of $2.47 or the support zone at $2.52.
Second Scenario: Deeper Correction
The second scenario suggests that XRP might still be in the midst of a deeper correction, with the price possibly falling further before resuming its upward trend. Possible support levels include $2.22, $2.10, or even $1.95. If the price breaks below $2.52, it would confirm a deeper pullback, potentially targeting the $2.26 to $2.31 range before any recovery begins.
The XRP market is in a transitional phase. Whether it will continue correcting or prepare for new growth remains to be seen. Investors should monitor key support levels carefully.
