Assessment of Ripple's Value: The Future of XRP After Recovering at $1.70

Ripple's XRP token has rebounded significantly from the significant $1.7 support level, indicating a renewal in buying interest. This rebound coincides with the 200-day moving average and the 0.5–0.618 Fibonacci retracement range, suggesting a potential trend reversal.

Currently, however, XRP is caught between the 100-day and 200-day moving averages, indicating a likely consolidation phase. If the price goes above the 100-day MA at $2.5, it could suggest a bullish market shift. In the shorter timeframe, Ripple has negated a bearish breakout, suggesting a bear trap. This has led to a surge towards the key $2.2 resistance.

If Ripple surpasses it, it may pave the way for a rally towards the $2.5 resistance, but a failure to do so may lead to a retracement back to the $1.7 support zone.