Institutional Support Boosts XRP as It Targets $3 Resistance
XRP recovered from early losses, with institutional buying supporting the $2.84–$2.85 range. The token now eyes the critical $3.00 resistance level.
Key Points:
- XRP gained 1.79%, rising from $2.89 to $2.95 between July 15, 13:00 UTC and July 16, 12:00 UTC, after dipping to $2.84 earlier in the session.
- Trading volume spiked to 134 million during the initial dip, signaling strong buy-side interest near $2.84–$2.85.
- In the final hour, XRP bounced from $2.94 to $2.95 on consecutive volume surges of 1.3 million and 1.8 million, confirming the breakout’s strength.
- The day’s price fluctuated between $2.84 and $2.96, reflecting 3.7% volatility.
Market Context:
Following early volatility, XRP stabilized and climbed steadily throughout the session. Analysts point to corporate treasury inflows and rotation into digital settlement assets as drivers. The upcoming ProShares ETF launch on July 18 is expected to reinforce demand.
Price and Volume Summary:
- Trading range: $2.84 to $2.96, with a net gain of 1.79%
- Institutional buying confirmed support between $2.84 and $2.85
- Resistance at $2.94 was overcome late in the session
- Price rose 0.69% from $2.94 to $2.95 in the last hour
- Volume spikes of 1.3 million and 1.8 million accompanied the breakout
Technical Outlook:
- Bounce from $2.84 backed by strong volume created a firm support zone
- Breakout above $2.94 suggests short-term bullish momentum
- An uptrend channel is forming, with resistance near $2.96
- Holding $2.95–$2.96 could open the way to test $3.00–$3.05
- A drop below $2.88 would invalidate the bullish setup
What to Watch:
- Can XRP hold above $2.95 with increasing volume to confirm the breakout?
- A move above $2.96 could unlock gains toward $3.00–$3.05
- Support at $2.85–$2.88 must hold to maintain bullish momentum
- Institutional volume above 100 million and breakout volume bursts over 2 million are key signals
Summary:
XRP overcame early session weakness with strong, volume-backed buying near $2.84. The push past $2.95 has restored positive momentum, placing focus on the $3.00 resistance. A solid breakout above $3.00, supported by volume, could trigger the next upward leg.
