XRP Price Prediction For February 8

The post XRP Price Prediction For February 8 appeared first on Coinpedia Fintech News

XRP appears to be currently trapped in a range-bound market, as the price moves between key support and resistance zones. At press time, XRP is trying to break above the $2.40 level and is up by more than one percent. Though there is some momentum in the upward direction as of this moment, the price action remains too small to have significant impact for the larger trend.

Support and Resistance Levels (Short Term)

The primary support zone to monitor is between $1.95 and $2.35. If the price holds above $1.95, higher prices could follow. However, there’s still a possibility that this area will be tested again before a clear upward trend emerges.

For now, the market remains somewhat uncertain. A break below $1.95 would mean that the February 3rd low may not be the true bottom, but a break above the $2.70 mark would provide a solid confirmation that a larger rally is incoming. 

Support and Resistance Levels (Long Term)

The support area for XRP in the long term is between $1.20 and $2.10 on the larger timeframe. This week, the price dipped into this region but has already started moving back upwards. However, it’s important to note that until XRP breaks above the all-time high at $3.40, it could still be looking at a potential fourth-wave extension.

There’s a possibility that XRP will continue to range between $1.20 and $4.20, which could persist for some time. While this may feel frustrating to traders, it’s not uncommon for XRP to exhibit such behavior. If XRP experiences an impulsive rally, it might target $4.20, or even $5 and $6.60 as stretch targets. However, these levels are still speculative and require confirmation through further price movement.