Ripple‘s XRP has experienced a notable drop of over 3% in the past day, now trading around the $2.40 mark. After a brief recovery on February 3, the cryptocurrency is currently caught between crucial support and resistance levels. Investors are keeping a close watch on the upcoming inflation reports, including the U.S. Consumer Price Index (CPI) data set to release today at 16:30 Turkish time, which could significantly influence XRP’s price trajectory.
What Are the Critical Price Levels for XRP?
At present, XRP is testing a significant support level at $1.95, which is vital for preventing further declines. Falling below this threshold could lead to increased bearish pressure, with the next support line set at $1.75, a particularly precarious zone for bulls.
Can XRP Overcome the $2.72 Resistance?
For XRP to gain momentum, it must hold above the $2.72 mark. Achieving a close above this level might enable it to break through the minor resistance between $2.79 and $2.80, potentially paving the way for a challenge of its all-time high of $3.40. Failure to do so will likely result in sideways trading.
The market currently awaits direction, with key levels that must be surpassed for clearer movement. Investors should consider the following points:
- Maintain vigilance on the $2.72 resistance level for potential upward movements.
- Set stop-loss orders to mitigate risks during downturns.
- Be aware that inflation data may induce market volatility.
In these uncertain times, it’s essential for market participants to adopt a cautious approach and focus on long-term strategies rather than short-term gains.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Source: https://en.bitcoinhaber.net/what-lies-ahead-for-ripple-xrp-prices