XRP Holds Steady Ahead of Key Economic Indicators

XRP, the native cryptocurrency of the Ripple network, has been trading in a sideways range after a notable recovery on February 3. As of now, XRP is down by more than three percent and is trading at around $2.40. Market participants are eagerly awaiting the next move, with some speculating that XRP could form into a triangle or a continuation pattern.

This week, two significant economic indicators, the Consumer Price Index (CPI) and the Producer Price Index (PPI), are set to be released on February 12 and 13, respectively. These reports could temporarily impact XRP's price, given the ongoing market uncertainties and fears. While XRP is currently consolidating, investors should keep an eye on these events as they may influence the cryptocurrency's price action.

Key support and resistance levels are crucial for determining XRP's next move. The cryptocurrency is currently testing key support near $1.95, and a break below this level could signal further weakness in the price. To confirm a bullish move, XRP needs to break above the resistance point of $2.72. A successful break above this level could lead to a move towards higher levels, potentially testing the all-time high near $3.40.

For a sustained bullish movement, XRP must break above the $2.79-$2.80 range. 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.