Home Altcoins News XRP Price Prediction for February 9: Key Support and Resistance Levels

XRP Price Prediction for February 9: Key Support and Resistance Levels

XRP Price Prediction

Ripple’s XRP has been navigating some challenging price movements recently, trading below the $2.50 mark after briefly falling into a support zone. The cryptocurrency has seen a short-term bounce from its critical support levels between $2.25 and $2.30, indicating that there may be some short-term recovery in store for XRP holders. However, market analysts are watching these levels closely to determine if the bounce will lead to a sustained rally or if further declines are imminent.

XRP’s Current Price Action and Support Levels

As of now, XRP is holding steady within the $2.25 to $2.30 support range. This zone has proven to be a crucial level of interest, and its strength will play a pivotal role in determining whether XRP can continue its recovery or fall into deeper negative territory. If XRP fails to maintain this support level and closes below $2.25 on a daily chart, the next significant support zone to keep an eye on would be between $1.95 and $2. This support level is key, as a drop below this area could signal further bearish pressure and drive XRP’s price down further.

Despite these potential concerns, XRP’s ability to bounce back from the $2.25–$2.30 support zone in recent days offers some hope for the short-term outlook. If XRP manages to maintain this support and show further upward movement, it could be on its way to testing key resistance levels in the near future.

Resistance Levels to Watch

For XRP to continue its upward momentum, it will need to overcome several resistance levels. The first resistance zone to watch lies between $2.58 and $2.73. This range has been a significant hurdle for XRP in the past, and a decisive break above it could pave the way for further gains. If XRP manages to close above $2.73 on a daily chart, the next resistance targets would be at $2.95, followed by more substantial hurdles around $3.20 and $3.30–$3.40. These levels represent significant price points where XRP’s momentum could either stall or continue, depending on market sentiment.

Bearish Divergence: Longer-Term Concerns

While XRP’s short-term outlook may seem promising, there are still some longer-term concerns. A larger bearish divergence is still active on the broader timeframes, suggesting that downward pressure may persist in the longer run. Bearish divergences typically indicate that an asset may struggle to maintain its upward momentum, as price action and indicators like the Relative Strength Index (RSI) show conflicting signals. However, this bearish divergence has not yet triggered a clear signal to invalidate the current recovery. For the time being, the bearish pressure seems to be on pause, allowing for some short-term upward price movement.

Bullish Divergence on the 8-Hour Chart

Interestingly, there’s a bullish divergence forming on XRP’s 8-hour chart. While the price has been making lower lows, the RSI is showing higher lows, which is a technical indicator of potential upward momentum. Bullish divergences like this often lead to short-term rallies, with the price moving upward or consolidating sideways. The formation of this bullish divergence suggests that XRP could experience some relief over the coming days, with the possibility of a slight rebound before any potential continuation of the broader trend.

What’s Next for XRP?

XRP’s short-term price action is currently at a crossroads. The key support level around $2.25–$2.30 will determine if the cryptocurrency can maintain its position and work its way toward the $2.58–$2.73 resistance zone. If XRP breaks above this resistance, it could set the stage for a more significant move toward $3.00 or higher. However, if it fails to hold support and dips below $2.25, further losses could be in store, with $1.95–$2 being the next critical level to watch.

Conclusion

XRP’s price action remains volatile as it tries to find direction amid various support and resistance zones. While the short-term bounce from $2.25–$2.30 offers hope, traders must remain cautious of potential bearish trends, especially given the larger bearish divergence still in play. The formation of a bullish divergence on the 8-hour chart could offer some relief in the short run, but it will ultimately depend on whether XRP can break through key resistance levels and sustain upward momentum.

For now, XRP investors should closely monitor price movements within these critical levels, as the coming days could provide more clarity on whether XRP will continue its recovery or face further setbacks.

Read more about:
Share on

James

James T, a passionate crypto journalist from South Africa, explores Litecoin, Dash, & Bitcoin intricacies. Loves sharing insights. Enjoy his work? Donate to support! Dash: XrD3ZdZAebm988BfHr1vqZZu6amSGuKR5F

Crypto newsletter

Get the latest Crypto & Blockchain News in your inbox.

By clicking Subscribe, you agree to our Privacy Policy.

Get the latest updates from our Telegram channel.

Telegram Icon Join Now ×