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The leading altcoin XRP is currently trading below $2.60, experiencing a decline of over 2% in the last 24 hours. Over the past week, XRP has lost more than 8% of its value, effectively erasing all recent gains. Experts believe that if the current support levels hold, there could be potential for recovery and the initiation of a new upward trend.
XRP Commentary: Is the Correction Complete?
Market observers are discussing the possibility that the downward trend of XRP’s price may be nearing its end. Although the market witnessed a brief recovery after the sharp decline on February 3, the price has since slipped again. If this correction is indeed complete, XRP could be poised for a rise.
In this scenario, the price could potentially rise to $3.40. However, for this to occur, it must not fall below the critical level of $2.47 or the support area of $2.52. A drop below either of these levels would invalidate the bullish expectations, highlighting these price points as crucial thresholds determining XRP’s future direction.
XRP Price Analysis: Could the Downtrend Deepen?
Alternatively, XRP may continue to lose value, deepening its downward trajectory. In this scenario, current price movements could signal a more profound correction ahead. This would likely see the altcoin testing lower support levels.
Should XRP dip below $2.52, the odds of continued decline would increase. In such a case, the price could plummet to between $2.26 and $2.31. In a more pessimistic outlook, levels of $2.22, $2.10, or even $1.95 could be tested. Therefore, investors need to closely monitor these indicated support levels and adjust their positions accordingly.
