XRP Surges on Triangle Breakout as U.S. Crypto Policy Progresses; Institutions Lock In Gains Late
XRP climbed 4% in the 24 hours ending July 23 at 02:00 UTC, rising from $3.42 to a session high of $3.57 before closing near $3.51. The move confirmed a breakout from a six-year symmetrical triangle pattern, supported by growing momentum in U.S. crypto legislation and new institutional investment vehicles.
The rally was tempered by end-of-session selling, signaling potential short-term consolidation after a high-volume intraday move.
Policy and Market Drivers
- U.S. lawmakers advanced the GENIUS and CLARITY Acts, offering long-awaited regulatory clarity around digital assets, including XRP.
- ProShares launched the first U.S.-based XRP futures ETF, a major step toward mainstream institutional exposure.
- Analysts responded with price targets of $6.00, with some forecasting a breakout extension toward $15.00 over the longer term.
Price & Volume Snapshot
- XRP cleared the $3.52 resistance zone on elevated volume — 106.4 million tokens traded between 17:00–18:00 UTC, well above the 24-hour average of 70.1 million.
- Price action peaked at $3.57 before pulling back in the final hour.
- A sharp sell-off around 02:03 UTC pushed XRP briefly to $3.50 amid a 2.25 million token volume spike — the session’s heaviest burst of selling.
Technical Picture
- Breakout confirmed above $3.00 with recent highs at $3.64.
- Support: Strong institutional buying held firm at $3.42 throughout the day.
- Resistance: $3.57 intraday cap remains in focus.
- Momentum: RSI and MACD suggest neutral short-term conditions.
What Traders Are Watching
- Whether XRP can maintain $3.50 as a key psychological and technical support.
- Post-ETF launch inflows and institutional buying pressure.
- Further progress on crypto legislation in Congress.
- Impact of spot ETF developments on broader market positioning.
