XRP Gains 1.3% to Close Near $3.22 Amid Strong Buying Interest
XRP experienced a gain of 1.3%, closing near $3.22, despite intraday volatility. Strong afternoon trading volumes indicated potential for further upside.
Key Points
- XRP traded between $3.15 and $3.23, dipping to $3.16 before rebounding.
- Afternoon volume surged to 81.78M and 69.06M, exceeding the 24-hour average of 38.25M.
- The token's price fluctuated in a tight range of $0.07, or 2.17% spread.
- A late-session rally lifted XRP from $3.21 to $3.22.
- Support remained at $3.16, with multiple retests during the day.
Market Context
- Market sentiment is cautious amid ETF-related volatility.
- XRP shows technical resilience, supported by institutional buying.
- Long-term interest is bolstered by XRP's utility in cross-border payments and DeFi integration.
Technical Insights
- XRP formed an ascending channel with higher lows from $3.16 to $3.22.
- Resistance near $3.23 limited gains; strong momentum observed after bouncing from $3.20.
- Volume spikes confirmed institutional interest; breaking above $3.23 is critical for bullish continuation.
Traders' Focus
- Can XRP maintain levels above $3.20 during market consolidation?
- Will follow-through volume test the $3.25–$3.30 range?
- Institutional inflows are crucial as spot volumes increase during recovery.
- Technical traders are monitoring for a breakout above the ascending channel toward $3.30.