XRP Price Recovers Momentum: Will There Be a Greater Rebound in the Future?
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XRP price has started to rise again from the $2.320 region. The price is currently increasing and may soon break through the resistance level of $2.55.
XRP price regains attention
XRP price has begun to rise significantly, breaking through $2.40, just like Bitcoin and Ethereum. It has broken through the resistance levels of $2.45 and $2.50.
The hourly chart of XRP/USD broke the connecting bearish trend line, with a resistance level at $2.44. Before the bears appeared, the price even soared above $2.550. The high was formed at $2.5870, and the current price is consolidating the gains.
The price has slightly dropped below $2.5250. The price has fallen and tested the 50% Fibonacci retracement level of the upward movement from the swing low of $2.3272 to the high of $2.5870.
Currently, the price is trading above $2.40 and the 100-hour simple moving average. On the upside, the price may face resistance around $2.525. The first major resistance level is near $2.550. The next resistance level is $2.5850. If the price clearly breaks through the $2.5850 resistance level, it could drop towards the $2.650 resistance level.
Further increases could see the price drop towards the resistance level of $2.720 in the short term, or even $2.750. The next major hurdle for the bulls may be $2.880.
Another drop?
If XRP fails to break through the resistance area of $2.525, it may drop again. The initial support level on the downside is around $2.4550. The next major support level is around $2.420, which is the 61.8% Fibonacci retracement level of the upward move from the swing low of $2.3272 to the high of $2.5870.
If there is a downside breakout and closes below $2.420, the price may continue to fall to the support level of $2.320. The next major support level is near the $2.250 area.
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