XRP Shows Bullish Signs Amid Higher-Low Formation Despite Lingering Market Caution
XRP (XRP) surged 7% over the past 24 hours, climbing back from a sharp decline to trade near $2.20 after finding crucial support around $2.07.
Market Context
The past week for XRP has been shaped by a combination of key developments and investor speculation. Ripple’s recent regulatory win in Dubai, where its RLUSD stablecoin received official approval, highlights the company’s ongoing push to embed digital assets within global cross-border payment networks.
Investors are also closely monitoring the upcoming decision on Franklin Templeton’s proposed spot XRP ETF, expected by mid-June. Approval of this ETF could spark significant institutional interest, potentially boosting XRP’s liquidity and market profile.
Technically, XRP’s ability to maintain its position above the 200-day moving average signals a degree of resilience, even as wider market volatility persists. Ripple’s broader vision to bridge crypto with traditional finance continues to underpin XRP’s dual role as a settlement currency and a hedge against traditional risk assets.
Price Movement Insights
The recent rebound came after a steep sell-off that drove XRP down to $2.07 between 19:00 and 20:00 hours, accompanied by a volume surge of 228.6 million units — nearly twice the daily average — indicating capitulation selling rather than gradual distribution.
Since then, XRP has carved out a higher-low pattern, with renewed buying interest lifting prices between the $2.10 and $2.15 range and signaling a return of bullish momentum.
However, the $2.50 to $2.60 zone remains a strong resistance barrier. Market participants remain cautious, awaiting the ETF decision as a possible trigger for a more sustained breakout.
Technical Summary
- XRP rose from $2.07 to $2.20, marking a 7% increase.
- The largest volume spike occurred during the 19:00-20:00 hour, reaching 228.6 million units, nearly double the average.
- Resistance is firmly established at $2.50-$2.60, with the price struggling to maintain gains above this range.
- Support has formed at $2.07-$2.10, bolstered by strong buying volume.
- The price action’s higher-low structure suggests growing bullish momentum amid cautious sentiment.
- XRP remains trapped within a symmetrical triangle formation, pointing to a potential breakout should volume pick up and resistance levels be breached.
