When entering February, XRP stands for some consolidation, whereby the price remains relatively stable in recent days. This price promotion takes place just below the recent Swing High of $ 3.40, which was reached on January 16. To break into XRP in new all time high territory, this level must be violated.
Short -term price promotion: Sideways Consolidation
Currently, XRP experiences a period of lateral consolidation, Floating just below $ 3.10 Mark. Although the price has not recently made large upward movements, this can simply be a temporary phase for a potential outbreak.
Outlook in the long term: a possible fifth wave
Looking at the long -term graph, XRP seems to be in the middle of a fifth wave that could complete a raised trend in the longer term. Once this wave is completed, it is possible that the market will experience a correction or withdrawal. These pullbacks can vary from a smaller Golf four to a larger and larger correction. Although the short -term front views look positive, the display suggests that five has been completed after the Golf, there may be a large retracement.
Main price levels to watch
- Short -term support: The price has found support around the key levels, especially on January 27, where a potential soil was marked in Golf Two.
- Short -term resistance: The $ 3.40 area remains a significant resistance level. A break above would focus on higher prices, with $ 4.20, $ 5 and $ 6.62 as the next potential upward levels.
However, if the price falls under certain levels, this would suggest that the larger wave is still taking place.
Potential risks: Break under $ 2.52
The market can still be confronted with setbacks, because breaking the high of all time is not an easy task. If XRP drops below $ 2.52, this may mean that a larger correction takes place. A movement under $ 2.52 could suggest that Golf Vier is still unfolding as a larger correction, and the $ 1.96 level would then appear.
