The XRP market is currently in a neutral consolidation range, with analysts stating that it is neither bullish nor bearish. Based on the Elliot Wave Theory, the altcoin's critical support level is $2.47, and a fall below this level could lead to a bearish scenario with potential support levels at $2.34, $2.22, $2.11, and $1.95. On the other hand, for a bullish breakout, XRP needs to surpass the $2.75 resistance zone and ideally close above $3.00 on a monthly basis. The current price of XRP is $2.56, reflecting a 0.84% increase in the past day and a monthly loss of 16.18%. Despite these challenges, there is optimism in the XRP community due to the potential of the XRP Spot ETF and the pro-crypto stance of the new US administration. The withdrawal of the SEC lawsuit against Coinbase Exchange also suggests a positive outlook for the XRP market if a similar outcome occurs in the case against Ripple.



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