XRP has staged a strong 6% recovery after an intense sell-off, forming a bullish ascending channel and defending crucial support at $2.04. Traders are now watching for a potential breakout above $2.09 resistance as market sentiment stabilizes.
Market Overview: Why XRP Rebounded
- Sharp sell-off dropped XRP to $2.011 (6.33% intraday decline) amid global economic uncertainty.
- Buyers stepped in at $2.04, triggering a steady recovery with higher lows.
- Volume spike (163M XRP) confirmed capitulation, followed by accumulation near support.
Key Technical Developments
✔ Ascending channel formation suggests growing bullish momentum.
✔ MACD turning positive, RSI neutral (~54) – room for further upside.
✔ Resistance at $2.09 – breakout could accelerate gains.
Critical Price Levels to Monitor
Support Zone: $2.04 – $2.011
- Strong buying interest emerged here, establishing a higher low.
- A drop below $2.01 could invalidate the bullish structure.
Resistance: $2.09 – $2.15
- Break above $2.09 with volume may target $2.15 (previous high).
- Failure to clear resistance could lead to range-bound consolidation.
Fundamental Catalysts for XRP
- Ripple’s global expansion in payments continues to support long-term adoption.
- Growing speculation around a potential XRP spot ETF application.
- Institutional interest remains steady despite macro pressures.
Trader Sentiment & Next Moves
- Short-term traders are watching for a confirmed breakout above $2.09.
- Long-term holders see the $2.04 support as a buying opportunity.
- Market-wide risks (macroeconomic tensions) could still trigger volatility.
Key Takeaways
XRP rebounds 6% from lows, forming a bullish pattern.
$2.04 support holds – critical for maintaining upward momentum.
Break above $2.09 needed to confirm next leg higher.
Macro uncertainty remains – traders should monitor risk factors.
Will XRP break resistance and rally further? The $2.09 level holds the key.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.