XRP Rebounds Above $2.40, Breaks Key Resistance Levels

XRP, the native cryptocurrency of the Ripple network, has demonstrated resilience in recent trading sessions, rebounding from a support level of $2.280. The digital asset has shown strength by breaking above the $2.40 price level and the 100-hourly Simple Moving Average (SMA), indicating a potential shift in market sentiment following recent price corrections.

The recovery movement began after XRP formed a base near the $2.280 support zone, mirroring similar patterns seen in other major cryptocurrencies like Bitcoin and Ethereum. Buyers stepped in to push the price above initial resistance levels at $2.32 and $2.35, marking a notable shift in market sentiment.

Technical analysis reveals that XRP successfully broke above the 23.6% Fibonacci retracement level, calculated from the downward movement that began at the $2.7849 swing high and extended to the $2.2794 low. This breakthrough suggests increasing buying pressure in the market.

A key development in the recent price action was the breakout above a bearish trend line, which had established resistance at $2.450 on the hourly chart of the XRP/USD pair. The breach of this technical barrier indicates that sellers may be losing their grip on the market.

The current price positioning above the 100-hourly Simple Moving Average serves as a positive technical indicator, suggesting that the short-term trend might be shifting in favor of buyers. This moving average often acts as a dynamic support level during recovery phases.

Looking at immediate resistance levels, the $2.50 price point emerges as the first major hurdle for XRP. This level coincides with increased selling pressure and may require substantial buying volume to overcome. The $2.5320 level represents another crucial resistance point, aligning with the 50% Fibonacci retracement level of the recent downward movement. A successful breach of this level could open the path toward higher price targets.

The $2.60 resistance level stands as a key technical barrier that could determine the strength of the current recovery attempt. A clear break above this level might trigger additional buying interest and potentially push the price toward the $2.720 mark. Further resistance levels are identified at $2.780 and $2.80, which could come