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As we enter February, XRP has been facing some consolidation, with the price staying relatively stable in the last few days. This price action is happening just below 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 major upward moves recently, this could simply be a temporary phase before a potential breakout.Â
Long-Term Outlook: A Possible Fifth Wave
Looking at the long-term chart, XRP seems to be in the midst of a fifth wave that could complete a longer-term uptrend. Once this wave is completed, 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 looks positive, the longer-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, especially 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 drops below $2.52, it may mean a larger correction is taking place. A move below $2.52 could suggest that wave four is still unfolding as a larger correction, and the $1.96 level would then come into focus.
