XRP Pulls Back After Breakout, But Long-Term Bullish Structure Remains Intact
XRP saw volatile action over the past 24 hours, slipping below key support despite holding above a six-year breakout structure that continues to drive investor optimism. While bullish momentum pushed prices to $3.57 early on, late-session profit-taking sent XRP down to $3.46, testing short-term confidence in the rally.
The token traded within a wide $0.11 range between $3.46 and $3.57 through July 23 at 08:00 GMT, marking a 3% swing. Volume surged to 106.4 million as market participants responded to multiple macro and technical catalysts, including ETF developments and U.S. crypto regulation progress.
Momentum Meets Resistance
XRP reached a session high of $3.57 before sellers stepped in, reversing gains and breaking through the $3.50 support zone that had been repeatedly tested overnight. The final hour of trading saw a sharp drop from $3.47 to $3.46, accompanied by a volume spike to 2.5 million—signaling a short-term trend reversal.
Despite the pullback, analysts remain confident in the broader outlook. XRP’s long-anticipated breakout from a six-year symmetrical triangle pattern is still valid, and technical targets between $6 and $15 remain on the table for long-term investors.
Key Catalysts
- ETF Milestone: ProShares’ launch of the first XRP futures ETF has opened the door to institutional exposure.
- Legislative Momentum: Progress on the GENIUS and CLARITY Acts in U.S. Congress is providing much-needed clarity around crypto regulations.
- Technical Validation: Last week’s move above $3.65 confirmed a structural breakout from years of price compression.
Technical Breakdown
- Range: $3.46–$3.57 (3.18%)
- Breakout Move: $3.52 to $3.56 at 17:00 GMT on 106.4M volume
- Support Breach: $3.49–$3.51 zone gave way in final trading hour
- Resistance Zone: $3.56–$3.57 continues to cap upside
- Indicators: RSI remains neutral; MACD turning lower—suggesting short-term consolidation ahead
What to Watch
Investor sentiment remains upbeat amid strong ETF-driven inflows and increasing regulatory clarity. While the recent rejection at $3.57 may limit immediate upside, analysts continue to point toward higher price targets if bulls can re-establish control above $3.50.
In the short term, XRP is likely to consolidate before attempting another leg higher. The $3.50 level now acts as a key psychological and technical pivot for the asset’s next move.
