XRP Price Prediction For February 11

Crypto Market Rebounds with XRP Joining the Upswing

Amidst a recent market dip, the cryptocurrency sector is attempting to regain momentum. Bitcoin hovers around $99,000, experiencing a modest growth of over 1%. Cardano has surged by 9% over the past 24 hours, while Dogecoin has gained 4%. XRP follows the market trend, exhibiting a slight upward movement against Bitcoin (XRP/BTC).

XRP Price Analysis

XRP remains supported by a price range between $2.25 and $2.30. A sustained price above this level indicates a potential continuation of the bounce. However, if XRP closes below $2.25, further support lies around $2, particularly between $1.95 and $2.05. Resistance to watch on the upside resides between $2.58 and $2.63, with stronger resistance around $3.20 to $3.30.

Market Sentiment

While XRP faces a long-term bearish divergence on daily and 3-day charts, a short-term bullish divergence emerges on the 8-hour chart. This divergence has provided temporary relief from the downtrend, resulting in sideways movement or a minor bounce.

Short-Term Outlook

The current reprieve may last several days, but it is crucial to recognize that it does not signify a complete reversal to a bullish trend. Rather, it represents a pause in the ongoing bearish momentum. Continued sideways movement or a further bounce is likely, but the overall market remains under long-term pressure.

SEC Lawsuit and XRP's Future

The ongoing legal dispute with the SEC remains a significant hurdle for XRP. Once resolved, a resolution could significantly boost XRP's price, potentially unleashing the positive sentiment currently building up. A settlement could lead to substantial price movements for XRP.