Ripple XRP Faces Critical Levels: What Investors Need to Know

You can also read this news on COINTURK NEWS: Ripple XRP Faces Critical Levels: What Investors Need to Know

Ripple ‘s XRP has lost over 3% in value in the last 24 hours, dropping to the $2.40 level. Following a recovery on February 3, the altcoin is now stuck between critical support and resistance levels. This week’s upcoming inflation data is among the significant developments that could impact the XRP price. Specifically, today at 16:30 Turkish time, the U.S. Consumer Price Index (CPI) for January will be released, along with the U.S. Producer Price Index (PPI) data scheduled for Thursday, which XRP investors should monitor closely.

Key Support and Resistance Levels for XRP

XRP is currently testing a critical support level at $1.95. This level serves as an essential barrier preventing further price decline. If the price drops below this level, additional weakness may occur. The next support level is at $1.75, which is considered a risky area where bears could gain control.

For the price to initiate an upward movement, it must remain above the $2.72 level. A closing above this level could increase the likelihood of breaking through the minor resistance area between $2.79 and $2.80. If this breakthrough occurs, the altcoin could test its all-time high of $3.40. However, without overcoming these resistances, the price is expected to remain in a horizontal movement.

Investors Should Watch the $2.72 Threshold

The market is currently in a waiting period, and certain levels need to be surpassed for direction clarity. To see a potential upward movement, it is crucial to breach the resistance zone above the $2.72 level. Otherwise, XRP may continue to fluctuate within a narrow range. Additionally, the important inflation data released this week could increase volatility in XRP and the wider market.

Experts advise investors to be cautious during this period and focus on long-term strategies. Setting stop-loss orders in a potential downturn can minimize risks. In upward moves, however, the $2.80 level may present short-term profit opportunities.

The post Ripple XRP Faces Critical Levels: What Investors Need to Know appeared first on COINTURK NEWS.