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XRP price is currently encountering resistance near $2.420 after bouncing off a low of $2.320, according to Kraken data. If it fails to hold the support level of $2.350, it may face downward pressure again. The current price is trading above $2,350 and the 100 hourly simple moving average. A contracting triangle has formed on the hourly chart of XRP/USD with resistance at $2.420, according to Kraken data. If it can effectively break through this resistance level, it is expected to start a new round of rising prices. XRP Price Trend Analysis After stabilizing near $2.30, XRP followed Bitcoin and Ethereum to start a rebound and successfully broke through the $2.3750 and $2.380 resistance levels. Furthermore, the price also broke above the 23.6% Fibonacci retracement level of the decline from the $2.5320 high to $2.3275 low. However, bears remain active near $2.420 and the 100 hourly moving average. The price currently remains below $2.420 and the 100 hourly moving average. Resistance in the contracting triangle on the hourly chart is located at $2.420, close to the 50% Fibonacci retracement level of the aforementioned decline. If an effective breakthrough can be formed, the first key resistance is at $2.480, and then it may further test $2.550. If it clearly breaks through $2.550, it is expected to continue to challenge the resistance of $2.580, with a further upward target of $2.650. The next key resistance for bulls is expected to be near $2.720. Is there a possibility of a callback? If XRP fails to break above the $2.420 resistance, it may face the risk of a pullback. Initial support is at $2.380, with more critical support at $2.350. Once it falls below $2.350, the price may further test $2.320 or even fall to $2.250. If the downside continues, $2.20 will become the next significant support. Technical indicator analysis
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