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The XRP price has soared 3% in the last 24 hours to trade at $2.38 as of 11:45 p.m. EST on a 9% jump in trading volume to $9.2 billion.

The surge in the price of the Ripple token comes amid speculation that Elon Musk may be turning his attention to cryptocurrency. A viral WallStreetBets tweet suggested Musk’s growing interest in XRP, drawing comparisons to his past endorsements of Dogecoin (DOGE) and Bitcoin (BTC).

Elon Musk’s latest crush on $XRP might just turn the crypto world upside down Who knew the man who flirted with Dogecoin now turning $XRP the prom queen
— wallstreetbets (@wallstreetbets) February 6, 2025

As excitement builds, investors are seeing a potential “Elon Musk effect” similar to what propelled Dogecoin to massive gains.

XRP Price Could Continue The Downturn

XRP is currently trading at $2.3987, reflecting a modest gain of 0.08% for the day. The price opened at $2.3969, reached a high of $2.4277, and dipped to a low of $2.3757. Despite this slight upward movement, XRP remains near a critical support zone of around $2.00, which has acted as a strong demand area in previous price action. This level is significant because it has historically prevented further declines, and a breakdown below it could trigger a sharp sell-off.

The chart shows a descending triangle pattern, which XRP initially broke out from, leading to a strong bullish move. However, after reaching a local peak, the price retraced back toward the $2.00 support zone, signaling a retest of buyer strength.

XRPUSDT Analysis Source: Tradingview

XRP Price At Critical Support As Bulls Eye Recovery

If bulls successfully defend this level, we could see a significant recovery toward $2.50 and $2.60, with the next major resistance at $3.26. This resistance level aligns with the previous high and is a crucial point for a potential breakout rally. A strong push above $3.26 could trigger a bullish continuation, potentially driving XRP towards new highs.

XRP is at a crucial turning point, with the $2.00 support level under pressure from sellers. A failure to hold above this level could trigger further declines, potentially pushing the price toward $1.50 or even $0.6223, a historically significant low. Such a breakdown would indicate a loss of bullish momentum and increase downside risks.

On the other hand, technical indicators suggest a possible reversal. The Relative Strength Index (RSI) currently stands at 37.22, indicating oversold conditions. This suggests that selling pressure has been dominant but also raises the potential for a rebound if buyers step in. A move above 48.19 would signal a shift in momentum toward the bulls while crossing 50 could confirm renewed buying interest and set the stage for a rally.

If XRP manages to defend the $2.00 support, a recovery toward $2.50 and $3.26 remains possible. However, a break below this key level could accelerate selling pressure, leaving the cryptocurrency vulnerable to deeper losses. Investors and traders should closely monitor XRP’s price action, as the coming days could determine the asset’s next major move.

Meme Index Presale Zooms Toward $4 Million – Next Crypto To Explode?

As XRP gears up for a bullish reversal, the Meme Index (MEMEX) presale continues to gain traction, surpassing $3.4 million in funding.

MEMEX is the first decentralized project to offer diversified meme coin investing. It offers four curated indexes: Meme Titan, Meme Moonshot, Meme Midcap, and Meme Frenzy, each catering to different risk appetites.

ALERT 🚨: This is the FIRST meme INDEX on the market $MEMEX Presale has 17 hours left, and already has raised $2.8M 😳 Popular meme coins like $DOGE $PEPE $WIF $SHIB & many more, even great potential coins!!! What a great idea join in on their link @memecoin_index pic.twitter.com/cPsxgNXjs7
— Exoticz (@YhwExoticz) January 23, 2025

For high-risk, high-reward seekers, the Meme Frenzy index focuses on emerging and volatile meme coins with massive growth potential.

Meanwhile, the Meme Titan index includes top meme coins by market capitalization, such as Dogecoin, Shiba Inu, and Pepe, offering a safer investment option. These indexes dynamically adjust based on market trends and community votes, ensuring they adapt to market conditions.

Popular YouTuber ClayBro, with over 135k subscribers, predicts that MEMEX could surge 26X after launch.