9 February XRP Price Outlook: Can the $2.40 Support Trigger a Rebound?
After a tumultuous week, the price of Ripple (XRP) has found stable support at $2.40, suggesting a possible bottom formation. The larger cryptocurrency markets saw steep drops last week due in large part to increased macroeconomic uncertainty and geopolitical tensions.
A bitter dispute between DeepSeek and OpenAI rocked U.S. tech companies, and the bearish sentiment quickly spread to the cryptocurrency markets. Fears in the market were further heightened shortly after US President Donald Trump announced new tariffs on China, Canada, and Mexico.
Global markets had significant corrections as a result of the geopolitical unpredictability that affected investor sentiment. While the US Securities and Exchange Commission’s (SEC) dropping all remaining charges against Ripple is optimistic news, the intensity of these macro factors also affected XRP.
Crypto Market Sell-Off Eases: Can XRP’s Rising Transactions Spark a Rebound?
However, since Friday, February 6, when the market sell-off subsided, the price of Ripple has started to show early indications of a recovery phase. The accompanying data shows that during the past three days, XRP has consolidated just above the $2.40 mark. Traders have historically interpreted an asset’s entry into a consolidation phase after a sharp loss as a bottoming-out indication. XRP may be ready for a renewed bullish push in the upcoming sessions if this pattern persists.
Following the recent price stabilization, XRP ledger transactions have increased, as seen in the CryptoQuant figure above. On the XRP network, users completed almost 1.7 million transactions on Friday, February 6. However, the number of transactions rose sharply when prices found support near $2.40. According to the most recent data as of February 7, there were 1.92 million XRP network transactions, a 12% increase in just 48 hours.
A significant increase in user activity on a cryptocurrency network during a period of consolidation frequently indicates growing investor confidence. The rise in transactions indicates that traders are carefully building up holdings by taking advantage of stagnating XRP pricing. Furthermore, this pattern shows that macroeconomic forces, not worries about the effectiveness of the XRP ledger or internal network instability, were the main cause of the most recent price decline.
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