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Ripple’s XRP is currently down by more than three percent and is trading at $2.40 levels. The altcoin has shown sideways action after an impressive recovery on February 3. At present, XRP is in a sideways range, and there’s speculation it could form into a triangle or possibly a continuation pattern. The market is currently in a waiting phase, and the next few days will determine whether XRP can break above resistance or fall further.
This week, two important events are happening that could impact XRP holders: the release of the Consumer Price Index (CPI) on Wednesday, February 12th, and the Producer Price Index (PPI) on Thursday. While XRP is currently consolidating, these reports might temporarily affect its price, especially with ongoing market uncertainties and fears.
Key Support and Resistance Levels
Critical Support Levels: XRP is currently testing key support near $1.95 (mid term). A break below $1.95 could mean further weakness in the price action.
Resistance Levels: To confirm a bullish move, XRP needs to break above $2.72, which is the resistance point for the current price structure. A break above $2.72 could lead to a move towards higher levels, potentially testing the all-time high near $3.40 (long term).
Key Considerations for Bullish Movement
Important Trend Reversal Levels: A move above $2.72 could signal the start of the next leg up. However, for this to be sustained, the price must also break above the $2.79–$2.80 range.
Potential Risk Zones: Until a confirmed breakout above resistance or support occurs, there’s a possibility that XRP may continue in the current range. Patience is essential, as a sudden downward move could lead to further risk, while a breakout to the upside could present trading opportunities.