Ripple’s XRP has dropped by more than 23% in the past seven days, trading below the $2.40 mark. The coin last traded above $3 on February 1, followed by a corrective phase.
Current XRP Market Situation
XRP is currently trading within a broader sideways range, marked by a failed breakout attempt on January 16 where the price could not sustain above the all-time high.
Short-Term Bullish and Bearish Forecasts
In a bullish scenario, XRP is expected to bottom on February 3 and potentially reach new highs between $4.20 and $5, targeting $3 again. If successful, the next target could be $6.60. A bearish view suggests recent declines might be part of a larger corrective wave with a break below $2.20 or $2.10 leading to a dip towards $1.95.
Key Support Levels and Possible Signals
Key support levels for XRP are $2.35, $2.22, and $2.11. A break below $1.95 might trigger further declines to around $1.20, signaling a return to a larger correction phase. Any movement above the trendline or surpassing $2.70 would signify a possible reversal and rally.
The current XRP analysis presents multiple scenarios. Traders should focus on key support levels and significant signals for market changes.
