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Ripple’s XRP is currently down by more than two percent and is trading slightly below the $2.60 level. The coin has erased all the gains made in the last seven days and is down by more than 8%. According to analysts, the immediate support zone might be used as a foundation for a rally if the price continues to hold strong.
There are two possible scenarios for XRP’s price movements: one where it could be nearing the end of a correction, or another where it might be starting a new phase of upward movement.
The First Scenario: A Correction Almost Done?
In this scenario, XRP might have completed its correction phase and is ready to begin moving higher. After a significant price drop on February 3, the market saw a rally and a subsequent pullback. If this correction has now finished, we could see XRP start moving upwards again, potentially pushing the price to new all-time highs.
If this scenario plays out, price could expect the price to rise towards $3.40, which was the previous high point. However, this scenario will be invalid if the price falls below the critical level of $2.47 or the support zone at $2.52.
The Second Scenario: A Deeper Pullback Ahead
In the second scenario, XRP might still be in the middle of a deeper correction, and the price could fall even further before resuming its upward trend. In this case, the price might find support at levels around $2.22, $2.10, or even $1.95.
If the price breaks below $2.52, this would confirm that the price is in the midst of a deeper pullback. If this happens, we could see the price target in the $2.26 to $2.31 range before any recovery begins.