The general market outlook is still much in favour of the bulls in the long term, although the recent crash has caused a little setback. Amid consolidation, XRP decides the next move after losing 1% in a week.
Since XRP managed to push back above the critical $2 level, which provided support for the past two months, the market has remained quiet as it keeps consolidating at around $2.4.
This little consolidation phase indicates a lack of interest over the past few days as it slowly gathers momentum for the next move. A fall from this phase could bring us back to the recent low before locating a threshold. Failure to hold this low well may result in a deeper correction, capable of resetting the market under $1
The daily volume indicator is another thing to consider for a possible extension in the bearish move. A continuous drop in this volume may result in more dips until a shift occurs. Now, there’s not enough capital inflow.
Meanwhile, the market currently sits above $2.3. If XRP bulls act up this price level, we may see a strong bounce back to form a double-bottom pattern. Such a pattern should set the market up for a new major run. But of now, the bulls appear weak as they are yet to show signs of interest.
XRP’s Key Level To Watch
Source: Tradingview
If XRP breaks down from the brief consolidation phase, it may reclaim the $2.2 and $2 levels along with the last week’s $1.9 low. A further breakdown from these levels could dip the price to $1.63 and $1.28
In the case of a buy, the potential resistance for a test is $2.66, followed by $3. Passing through all these resistance levels should bring us back to the $3.4 top with a potential breakup.
Key Resistance Levels: $2.66, $3, $3.4
Key Support Levels: $2.2 $1.9, $1.63
- Spot Price: $2.42
- Trend: Bullish
- Volatility: Low
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!
Image Source: fellowneko/123RF // Image Effects by Colorcinch
Source: https://nulltx.com/ripple-price-analysis-prediction-february-10-xrp-gathers-momentum-while-consolidating-where-is-it-heading-next/