Peter Smith
XRP rallied 4% over the past 24 hours, breaking out of a major technical pattern and closing near $3.51. The move comes as Congress pushes forward crypto-friendly legislation and institutional interest grows with the launch of the first XRP futures ETF.
XRP Price Shows Strong Momentum Despite Late Selling
XRP traded between $3.42 and $3.57 during the 24-hour period from July 22 at 03:00 to July 23 at 02:00, ultimately closing around $3.51. The breakout happened when XRP pushed above $3.52 resistance during the 17:00-18:00 window on heavy volume of 106.4 million - about 52% higher than the daily average of 70.1 million.
The rally lost some steam in the final hour though. Between 01:09 and 02:08 GMT, selling pressure kicked in as prices climbed from $3.50 to $3.52 before reversing. The biggest sell-off came between 02:02-02:03 with 2.25 million units changing hands, pushing XRP back to $3.50 before a small bounce.
This kind of late-session profit-taking is pretty normal after a strong breakout, especially when institutional traders start locking in gains.
Regulatory News Boosts XRP Price Outlook
The timing couldn't be better for XRP holders. Congress just advanced the GENIUS and CLARITY Acts, which create clearer rules for digital assets and reduce the uncertainty that's been hanging over XRP's legal status for years.
Meanwhile, ProShares launched the first XRP futures ETF - a huge win for getting institutional money into the space. Wall Street analysts are getting excited too, with many setting $6.00 price targets after confirming the triangle breakout. Some are even talking about $15.00 for the longer term.
XRP Price Breaks Six-Year Technical Pattern
From a charts perspective, XRP just did something pretty significant. It broke out of a symmetrical triangle that's been forming for six years - that's the kind of pattern that can lead to big moves when it finally resolves.
The breakout got confirmed above $3.00, and XRP hit $3.64 earlier this week. Right now, there's resistance around $3.57 where some selling showed up today. But the good news is that $3.42 has held up well as support, getting tested multiple times without breaking.
Technical indicators like RSI and MACD aren't screaming buy or sell right now - they're pretty neutral. That suggests we might see some sideways action while the market figures out its next move.
Traders are keeping a close eye on whether $3.50 can hold as a key support level. They're also watching for more institutional buying after the ETF launch and any additional regulatory wins from Congress. If spot ETFs get approved down the road, that could really shake things up by bringing in even more mainstream investment dollars.
Peter Smith
