6th February 2025 – (NEw York) XRP has experienced a significant downturn, losing nearly 11% in a single day and a total of 21% over the past week, following a disruption in block production on the XRP Ledger. On February 4, 2025, the network encountered a technical issue that halted operations for approximately an hour, igniting trader concerns. Although the ledger has resumed normal functioning, market sentiment remains fragile. Current analysis suggests XRP might be trying to recover from a low of $1.80 reached on February 3, but faces critical resistance levels that could impede any upward movement.
The recent drop coincided with the ledger’s technical difficulties, which have yet to be fully explained, although early investigations indicate a consensus issue that prevented validations from being published. As XRP traded at $2.41 on February 5, experts noted that the cryptocurrency’s performance has been one of the most significant declines among leading digital assets.
XRP’s price trajectory comprises a completed five-wave Elliott Wave impulse, peaking at $3.00 in December before retracing. Following a corrective structure that reached a high of $3.40 on January 16, XRP’s value has since struggled to maintain momentum. The asset is currently trading within a narrow range, and while a rebound from $1.80 is promising, the lack of strong buying pressure raises concerns about the sustainability of this recovery.
Technical indicators reveal that XRP is testing crucial support around $2.32. Should it hold this level, an upward move towards $3.86 may be feasible; however, failure to break above descending resistance could lead to further declines. Despite a potential five-wave recovery pattern suggested by the hourly chart, the market’s overall sentiment remains cautious. A break below $2.35 would likely trigger additional losses, while a sustained hold above $2.40 could pave the way for a rally towards $2.80 and beyond.
