XRP experienced a notable trading range of $0.11, fluctuating between $3.46 and $3.57 in the 24 hours leading up to 08:00 GMT on July 23. The digital asset saw a 3% swing, wiht bulls pushing the price to a session high of $3.57 on a volume of 106.4 million. However, profit-taking led to a reversal, bringing the price back down to $3.46.
This late decline saw XRP break below the key support level at $3.50, a price point that had been retested multiple times overnight. Trading volume surged as institutional investors reacted to a combination of factors, including advancements in U.S. cryptocurrency legislation, new Exchange Traded Fund (ETF) approvals, and the completion of a long-awaited technical pattern. While analysts maintain long-term price targets of $6 to $15, they caution about the potential for short-term consolidation.
News Background
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Last week, XRP surpassed the $3.65 mark, successfully completing a six-year symmetrical triangle pattern. ProShares also launched the first XRP futures ETF, a meaningful development for regulated institutional access to the asset. In the United states,Congress has advanced the GENIUS and CLARITY Acts,which aim to provide greater clarity in cryptocurrency regulation,thereby encouraging fund flows into large-cap digital assets.
Price Action Summary
The most significant price movement occurred at 17:00 GMT on July 22, when XRP rapidly increased from $3.52 to $3.56 within an hour. This surge was supported by a volume of 106.4 million, which is over 50% higher than the daily average of 70.1 million.Resistance emerged in the $3.56-$3.57 zone, capping further upward movement and initiating a steady decline throughout the overnight session.
During the final hour of trading, between 07:10 and 08:09 GMT, XRP fell from $3.47 to $3.46. This decline was accompanied by a spike in volume, reaching 2.5 million between 07:37 and 07:49 GMT. This move decisively broke the previously strong support band of $3.49-$3.51, signaling a short-term trend shift as selling pressure overcame buying interest.
Technical Analysis
- The 24-hour trading range for XRP was $3.46-$3.57, representing a 3.18% change.
- A bullish breakout occurred at 17:00 GMT on July 22, with XRP moving from $3.52 to $3.56 on 106.4 million volume.
- The support zone between $3.49 and $3.51 was tested multiple times overnight but failed by the session’s close.
- The resistance zone at $3.56-$3.57 capped the rally and now defines the next potential breakout point.
- The breakdown confirmation saw XRP move from $3.47 to $3.46 on a 2.5 million volume spike.
- The Relative Strength Index (RSI) is neutral, and the Moving Average Convergence Divergence (MACD) is trending lower, suggesting potential consolidation before the next directional move.
What Traders Are Watching
Institutional participation remains high, driven by ETF inflows and improving regulatory sentiment. Despite the recent rejection at $3.57, analysts continue to identify bullish setups with targets of $6.00 and even $15.00 over multi-month timeframes. The $3.50 level is now considered a crucial psychological pivot that bulls will aim to defend in the upcoming trading sessions.
Disclaimer: This content touches on financial markets and should not be considered financial advice.Consult with a qualified financial advisor before making any investment decisions.
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