XRP Holds Breakout Structure Despite Short-Term Sell-Off; Bulls Eye $6–$15 Targets
XRP’s multi-year breakout remains technically intact, even as late-session profit-taking on July 23 pressured key support levels. The asset traded between $3.46 and $3.57 in the past 24 hours, with a 3% swing fueled by institutional activity, ETF-related momentum, and ongoing progress in U.S. crypto regulation.
Despite touching a session high of $3.57 on heavy volume (106.4M), XRP failed to hold above the critical $3.50 zone, sliding back to $3.46 during early Asian hours as short-term traders locked in gains.
Key Catalysts
- ETF Boost: ProShares recently launched the first XRP futures ETF, marking a milestone in institutional accessibility.
- Legislative Tailwinds: U.S. lawmakers advanced the GENIUS and CLARITY Acts, signaling bipartisan momentum for clearer crypto regulation.
- Pattern Confirmation: Last week’s move above $3.65 completed a six-year symmetrical triangle breakout, strengthening bullish conviction.
Market Action
The strongest intraday rally occurred at 17:00 GMT on July 22, when XRP jumped from $3.52 to $3.56 in under an hour on volume well above the daily average (106.4M vs. 70.1M). However, the $3.56–$3.57 resistance range capped further upside.
In the final trading hour (07:10–08:09 GMT), volume spiked to 2.5M as XRP dipped from $3.47 to $3.46, breaking below the $3.49–$3.51 support band, which had held firm throughout the night.
Technical Snapshot
- Range: $3.46–$3.57 (3.18% daily move)
- Support: $3.49–$3.51 (broken)
- Resistance: $3.56–$3.57 (still active)
- Indicators: RSI neutral; MACD showing early signs of weakening — indicating consolidation is likely before any next leg higher.
Outlook
Despite short-term weakness, XRP remains structurally bullish. Analysts maintain long-term upside targets of $6 and even $15, underpinned by ETF adoption and regulatory clarity. Traders are closely watching the $3.50 level as a key pivot — a reclaim could revive bullish momentum in the coming sessions.
