XRP Price Starts Recovery Above $2.40, Eyes $2.550 Resistance

XRP price is recovering from the $2.20 support level and may break through the $2.550 resistance zone.

• XRP has started an upward movement from the $2.20 support zone.
• Current trading is above $2.40 and the 100-hourly Simple Moving Average.
• A bullish trend line is forming with support at $2.480 on the XRP/USD hourly chart.
• Clearing the $2.550 resistance could lead to further gains.

XRP Price Analysis

The price declined below the $2.80 level, similar to trends observed in Bitcoin and Ethereum. It dipped below $2.60 and $2.50 before finding support at $2.20.

Key points include:

• Price is recovering above $2.30 and has moved past the 23.6% Fib retracement level from a recent downward move.
• Resistance levels to watch are $2.550, $2.60, and $2.70.
• A move above $2.70 may target $2.80 and potentially $2.880 or $2.920.

Potential Decline

If XRP cannot surpass $2.550, it might decline again, with initial support at $2.480 and then $2.40.

Further declines could lead to testing the $2.320 support, followed by the $2.20 zone.

Technical indicators show:

• MACD is gaining momentum in the bullish zone.
• RSI is above the 50 level.
• Major support levels are at $2.40 and $2.320.
• Major resistance levels are at $2.550 and $2.70.