XRP XRP climbed 7% over the past 24 hours, rebounding from a steep sell-off to trade at $2.20 after finding support at $2.07.
News Background
- XRP’s week-long price action was influenced by a mix of fundamental developments and market speculation.
- Ripple recently received approval from Dubai regulators for its RLUSD stablecoin, underscoring the company’s ambition to integrate digital assets into cross-border payment systems.
- Meanwhile, the market is closely watching for a decision on Franklin Templeton’s proposed spot XRP ETF, expected by June 17. Approval could attract substantial institutional inflows, potentially transforming XRP’s liquidity profile.
- On the technical front, XRP’s consolidation above its 200-day moving average signals resilience despite broader market volatility.
- Ripple’s broader strategy — bridging crypto and traditional finance — continues to define XRP’s role as both a settlement asset and a risk-on hedge against traditional assets.
Price Action
The rebound followed a sharp sell-off that saw XRP tumble to $2.07 during the 19:00-20:00 hour, with volume spiking to 228.6 million units — nearly double the daily average — suggesting capitulation selling rather than steady distribution.
XRP’s price has since formed a higher-low pattern with bullish momentum returning as buying interest surged in the $2.10-$2.15 range.
While XRP’s price action has regained ground, the $2.50-$2.60 resistance zone remains formidable. The market remains cautious, with traders eyeing the potential ETF decision as a catalyst for a sustained breakout.
Technical Analysis Recap
- XRP climbed from $2.07 to $2.20, a 7% gain.
- The most significant selling occurred between 19:00-20:00, with volume hitting 228.6 million units — nearly double the daily average.
- Resistance formed at $2.50-$2.60, with price struggling to sustain gains beyond these levels.
- Support established at $2.07-$2.10, with high-volume buying interest stabilizing the price action.
- Price action has formed a higher-low pattern with bullish momentum, though market caution persists.
- XRP remains technically within a symmetrical triangle formation, hinting at potential breakout scenarios if volume increases and resistance is breached.
Disclaimer: Portions of this article were generated with the assistance of AI tools and reviewed by CoinDesk’s editorial team for accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.