XRP price hits a low of $2.20, can the bulls expect a rebound?

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Recent Trend

XRP failed to break through the key resistance at $2.50, subsequently starting a new downtrend, similar to the movements of Bitcoin and Ethereum.

Decline: The price broke below the support levels of $2.45 and $2.40, reaching a low of $2.171, a decline of over 5%.

Current Situation: The XRP price is attempting to rebound, currently rising above $2.250.

Technical Analysis: Rebound Pressure and Support

Resistance Range:

Short-term Resistance: $2.40, followed by the trendline resistance at $2.45.

Key Resistance: $2.50, a breakthrough may lead the price to further rise to $2.55 and $2.62, with a possibility of testing levels of $2.80 or $3.00.

Support Range:

Initial Support: $2.25.

Key Support: $2.20, if broken, it may further drop to the $2.05 or $2.00 area.

Market Outlook and Investment Advice

Currently, XRP is at a key rebound point, but whether it can break the $2.50 resistance will determine the subsequent trend. If the downtrend continues, investors should closely monitor the $2.20 support level to avoid deeper corrections. Short-term traders can flexibly position themselves between key support and resistance, while long-term investors may wait for clearer breakthrough signals.

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