XRP Clears $2.84 Hurdle, Institutional Buying Fuels Move Toward $3.40
XRP has powered through a key resistance level at $2.84, driven by strong institutional buying and a decisive technical breakout. Analysts are now eyeing $3.40 as the next significant target.
Highlights:
- Price Rally: XRP climbed 6.04%, rising from $2.77 to $2.93 between July 13 at 06:00 and July 14 at 05:00. The token’s $0.171 price range marked a clear surge past the $2.84 resistance.
- Institutional Activity: At 03:00, trading volume spiked to 176 million—more than twice the hourly average—signaling notable institutional interest and validating the breakout.
- Strong Finish: Despite some profit-taking, XRP managed to close above $2.91, with tight consolidation in the final hour indicating healthy market stability rather than exhaustion.
- Market Position: XRP’s market capitalization has climbed to $163.98 billion, gaining $30 billion over the past week and pushing it into the #3 spot among cryptocurrencies globally.
Market Context
The latest rally follows XRP’s breakout from a multi-session descending triangle, reinforcing a bullish narrative. Sustained institutional inflows have strengthened confidence, with analysts pointing to improved regulatory signals and Ripple’s growing presence in enterprise applications as key drivers of fresh capital entering the market.
Meanwhile, the broader crypto sector is benefiting from a supportive macroeconomic backdrop, with easing policy expectations and favorable capital markets providing additional tailwinds for digital assets like XRP.
With the $2.84 zone now acting as support, traders are looking ahead to $3.40 as the next major resistance point.
Price Action Breakdown:
- Range: $0.171
- Low → High: $2.77 → $2.934
- Breakout Time: 03:00, supported by 176 million in volume
- Support Levels: Early session floor at $2.77; late session support around $2.91–$2.92
- Resistance Levels: Intraday high at $2.934; next significant target at $3.40
- Final Hour Move (04:05–05:04): XRP edged from $2.927 to $2.930, a modest 0.11% increase
- Final Hour Volume: Approximately 85 million, indicating continued market interest
Technical View:
- XRP’s rally above $2.84 confirms a breakout from its descending triangle formation, signaling bullish momentum.
- The token maintained levels above $2.91 during the last trading hour, consolidating within a narrow range—typically a bullish indicator.
- The market structure remains strong, with higher lows and persistent trading volume.
- Institutional involvement is clear through significant volume spikes and sustained buying.
- A clean break above the $2.94–$2.95 area could open the door to targets at $3.10 and $3.40.
What Traders Are Watching:
- Whether XRP can establish the $2.934 level as solid support and maintain upward momentum toward $3.10–$3.40.
- Potential downside tests of $2.91 support; falling below could invite a retest of the $2.84 region.
- Trading volume trends; hourly volumes above 100 million would indicate strong institutional follow-through and continued momentum.
Bottom Line:
XRP’s recent 6% rally is more than just a technical event—it’s fueled by real capital inflows. The significant volume spike at the $2.84 breakout confirms the presence of larger players, while price stability into the session’s close underscores growing market confidence.
With the next target at $3.40, XRP is asserting itself as a market leader, showing resilience and strength that sets it apart from lagging assets.
