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XRP Price Prediction for February 7
As the week draws to a close, the majority of cryptocurrencies continue to trade in the red zone, according to CoinStats. While today’s price drop may have been a setback for some investors, the hourly chart reveals a bullish signal that could potentially lead XRP to $2.50 in the near future.
Despite falling by 1% over the last day, XRP remains at $2.4067 as of press time. The rate has broken out of the resistance level of $2.433, setting the stage for further gains. However, it is essential to keep in mind that the bearish trend may prevail if there’s no clear close above this mark.
On a larger scale, neither bulls nor bears have taken control yet. As a result, it appears that sideways trading around current prices will be more likely by the end of the week due to decreased volume.
Looking at the weekly chart, XRP has formed a false breakout below $1.9669, which could lead to a minor bounce back to the range between $2.50-$2.70 if the bar closes far from that mark.
It’s important to remember that any investment or trading decision involves risk, so it’s crucial to do your own research before making decisions.
