XRP Price Prediction For February 7
Ripple’s XRP is currently down more than 23% over the past seven days and is now trading below $2.40. Altcoin’s last transaction exceeded February 1. XRP is now trading on a wider side range. Even though the breakthrough attempt on January 16 failed and the price could not maintain above its all-time high, greater corrective measures followed. This pattern indicates potential continuation or reversal, There are two possible scenarios. However, most of Bitcoin and the top 10 altcoins have slipped into the red zone, and the overall market capitalization has also been hit.
Short-term bullish outlook
The short-term bullish situation is the bottom of the XRP on February 3 and has the potential to move towards a new high, aiming to reach levels between $4.20 and $5. If the price breaks $3 again, the next target could be $6.60.
Short-term bearish prospects
In bearish situations, the recent inclination may be just part of a larger correction wave. A break below the key support level of $2.20 or $2.10 may suggest a deeper drop that could lead to a drop to $1.95. This situation requires careful attention to the entire market structure.
Key support levels to watch
Important support levels for XRP include $2.35, $2.22, and $2.11. Rests below $1.95 may trigger a larger drop, which will drop the price to around $1.20, but this likely marks a larger correction phase to recover.
Bullish breakout signal
Any action above the trend line or price above $2.70 indicates a change in the microstructure and an upward reversal is possible. Traders should pay close attention to possible gathering signals.
