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As we enter February, the situation with XRP’s price has been quite intriguing. The currency has seen some consolidation lately, with the price remaining relatively stable over the past few days. This price action is occurring just beneath its recent swing high of $3.40, which was reached on January 16th.
In order for XRP to break into new all-time high territory, this level needs to be breached.
Short-Term Price Action: Sideways Consolidation
Currently, XRP is experiencing a period of sideways consolidation, hovering just below the $3.10 mark. While the price hasn’t made any significant upward movements recently, this could simply be a temporary phase before a potential breakout.
Long-Term Outlook: A Possible Fifth Wave
Looking at the long-term chart, XRP appears to be in the midst of a fifth wave that could complete a longer-term uptrend. Once this wave is finished, it’s possible that the market will experience a correction or pullback. These pullbacks could range from a smaller wave four to a larger and more significant correction.
While the short-term outlook seems positive, the long-term view suggests that after the wave five completes, there may be a major retracement.
Key Price Levels to Watch
Short-Term Support: The price has been finding support around key levels, specifically on January 27th, where a potential bottom was marked in wave two.
Short-Term Resistance: The $3.40 area remains a significant resistance level. A break above this would target higher prices, with $4.20, $5, and $6.62 as the next potential upside levels. However, if the price drops below certain levels, it would suggest that the larger wave two correction is still happening.
Potential Risks: Break Below $2.52
The market could still face setbacks, as breaking the all-time high isn’t an easy task. If XRP falls beneath $2.52, it may indicate a larger correction is taking place. A movement below $2.52 would then suggest that wave four is still unfolding as a larger correction, and the $1.96 level would then come into focus.
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Ripple (XRP)
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Source: coinpedia.org
