XRP price surges past $2.36, targets $3.40 as it navigates global economic tensions and regulatory developments.
XRP rebounded after a sharp sell-off, finding strong support at the $2.32 level with buyers stepping in during high-volume periods, according to CoinDesk Research‘s technical analysis data model. This marks a significant turning point for the digital asset, which has been influenced by global economic tensions and regulatory developments.
Ripple's XRP is a fast and low-cost cryptocurrency used for cross-border payments.
It was created in 2012 by Chris Larsen and Jed McCaleb, with the goal of providing a more efficient and reliable alternative to traditional payment systems.
XRP has a global reach, with over 200 financial institutions using its technology.
Its unique consensus mechanism, known as the Ripple Protocol, allows for fast transaction processing times and low fees.
The price experienced a 3.76% range ($2.307-$2.396) over 24 hours with a sharp sell-off at 16:00 dropping to $2.307 on high volume (77.9M). However, strong support emerged at the $2.32 level, with buyers stepping in during high-volume periods, particularly during the 13:00-14:00 recovery.
Multiple analysts highlight critical support at $2.35-$2.40 that must hold for upward continuation. The asset established an upward trajectory, forming higher lows from the bottom, with resistance around $2.39 tested during the 07:00 session. In the last hour, XRP climbed from $2.358 to $2.368, representing a 0.42% gain with notable volume spikes at 01:52 and 01:55.
The price surged past resistance at $2.36 to reach $2.366, later establishing new local highs at $2.369 during the 02:03 session on substantial volume (539,987). Currently maintaining strength above $2.368 support level with decreasing volatility suggesting potential continuation of upward trajectory.
Despite recent volatility, XRP has shown remarkable resilience. The digital asset continues to navigate global economic tensions and regulatory developments, which have influenced its price action. However, analysts predict a potential breakout with price targets ranging from $3.33 to $5.86 as XRP completes wave patterns and maintains key support levels.
Multiple analysts highlight critical support at $2.35-$2.40 that must hold for upward continuation. Technical indicators point to a potential bullish breakout, with the asset establishing an upward trajectory from the bottom. Resistance around $2.39 has been tested during the 07:00 session.
XRP climbed from $2.358 to $2.368 in the last hour, representing a 0.42% gain with notable volume spikes at 01:52 and 01:55. The asset has established an upward trajectory, forming higher lows from the bottom.
- coindesk.com | XRP Price Surges After V Shaped Recovery, Targets $3.40
