The price of XRP has struggled in recent months, but investors can count on these three support levels going into February.
In the past few months, XRP has underperformed when compared to other top cryptocurrencies. For instance, the asset lost 18% of its value within a three-month period, whereas other coins saw positive returns.
The overall negative price action for XRP has led some investors to question the value of the asset. Others have continuously pondered when a relief rally will be on the cards.
Although there is no guaranteed way to forecast prices, the charts provide helpful insight on support levels to watch this month. Sustained support evidently provides a bedrock for price recovery.
Three Major XRP Support Levels to Watch
After losing certain support levels in the past month, the first level for XRP investors to keep an eye on is the range between $0.47 and $0.48. This range has already proven tough for the bears to overcome, having been tested in September and October 2023 and now in early February.
XRP tends to see significant demand within the stated price zone, and as long as it holds, there is little reason for market panic. On the other hand, a break below could see things get ugly and call for a bearish test of the $0.43 support.
Following the sell-off induced in the weeks following Ripple’s court victory in July 2023, the $0.43 level proved tough for the bears to break.
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A more concerted effort would be required for bears to take XRP below this level. With the overall crypto market sentiment still cautiously bullish, it is hard to imagine a test of this lower range.
Meanwhile, in the most possible event that a bearish trend overwhelms XRP and the crypto market, another critical support level is the $0.34 range.
This range was last tested in July 2022 following the meteoric bull run in the crypto market the year before. Ultimately, this range marked the market bottom and would be the ultimate end for bears to beat if things get extremely ugly for XRP.
As noted, it is hard to foresee such worst-case scenarios for XRP, given the overall bullish sentiment around the crypto market.
With the Bitcoin halving also around the corner and XRP historical rallies after a period of underperformance, the odds of visiting the lower support levels remain slim. XRP currently trades for $0.5047, up 1.76% over the past 24 hours.