XRP Rallies 6% After Steep Drop, Hints at Bullish Momentum Above Support
XRP rebounded 6% after a sharp drop, forming an upward-trending price channel that suggests bulls are regaining control as the token stabilizes above key support levels.
Earlier, XRP saw intense selling pressure, plunging over 6% to a low of $2.011 during the 21:00 hour. However, buyers stepped in quickly, fueling a recovery that pushed prices higher. XRP is now holding steady above the $2.04 support level, while traders are closely watching the $2.09 resistance zone for signs of a potential breakout.
Market Snapshot
- Market sentiment remains cautious amid global tensions and economic uncertainty, keeping crypto markets on edge.
- Broader digital assets have faced volatility driven by geopolitical risks and shifting macroeconomic factors, sparking waves of liquidations and profit-taking.
- Despite the turbulence, XRP’s technical outlook and on-chain indicators remain solid. Interest from institutional players, particularly around a potential spot ETF and Ripple’s payments ecosystem, continues to underpin optimism.
- Analysts are watching for XRP to sustain higher lows and challenge resistance at $2.09, a move that could pave the way for further gains if backed by robust trading volumes.
Price Action Recap
Over the past 24 hours, XRP traded in a range of 6.33%, sliding from $2.147 down to $2.011 as selling spiked around 21:00. During the drop, trading volume surged past 163 million units, underscoring significant selling pressure.
Following the sell-off, XRP steadily recovered, establishing a higher low at $2.042 and pushing upward to $2.083. In the final hour of trading, the token climbed from $2.078 to $2.089, marking the session high on a surge of 1.38 million units traded at 06:20. This rebound has carved out a short-term ascending channel, with consecutive higher lows recorded at $2.079, $2.082, and $2.083.
Technical Highlights
- XRP’s 24-hour range spanned 6.33%, from $2.147 to $2.011.
- Peak selling pressure hit at 21:00, driving volume above 163 million units.
- A higher low formed at $2.042, signaling renewed buyer interest.
- Resistance stands between $2.089 and $2.090, with support holding from $2.011 to $2.042.
- XRP reached $2.089 in the final trading hour, fueled by a 1.38 million unit volume spike at 06:20.
- Price movements have shaped an ascending channel with rising lows.
- Buyers consistently defended the $2.082–$2.083 area, suggesting accumulation.
- The MACD has turned positive, while the RSI is neutral around 54, leaving room for potential further upside if resistance breaks.
