V-Shaped Recovery Aims for $3.40 Target

Ongoing global economic strains and shifts in regulations are impacting the movement of XRP, which has shown significant strength even amidst recent fluctuations.

Following a major decline to $2.307 amidst high trading volumes, XRP has begun a positive trend characterized by a sequence of rising lows, indicating upward momentum as it nears resistance areas.

Indicators from technical analysis suggest a likelihood of a bullish breakout, with several experts noting vital support between $2.35 and $2.40 that needs to be maintained for the price to continue climbing.

Key Points from Technical Analysis

• The asset fluctuated in a 3.76% range ($2.307-$2.396) within a 24-hour period, experiencing a notable sell-off at 16:00 that brought the price down to $2.307 with a trading volume of 77.9 million.
• Robust support materialized at $2.32, with buyers actively participating during high-volume trading phases, especially during the recovery window from 13:00 to 14:00.
• The asset’s positive trajectory is evident as it has established a series of higher lows, with resistance encountering testing near $2.39 during the session at 07:00.
• In the last hour, XRP rose from $2.358 to $2.368, demonstrating a gain of 0.42%, with notable increases in volume at 01:52 and 01:55.
• The price surpassed resistance at $2.36, reaching $2.366 and subsequently marking new local highs at $2.369 during the session at 02:03, supported by significant trading volume of 539,987.
• Currently, the asset remains positioned above the support level of $2.368, and a decrease in volatility may indicate a sustainable upward trend.