XRP Price Holds Above $3 Amid Banking Sector Objections to Ripple License
Ripple's XRP experienced a 5% gain despite opposition from banks regarding its license application. The price fluctuated between $2.83 and $3.11, closing at $3.04 with significant trading volume exceeding 110 million XRP.
Key Points
- BPI, representing 42 banks, filed objections against Ripple's banking license, increasing regulatory uncertainty.
- XRP rose from $2.83 to $3.11, with a 9.8% intraday swing before closing at $3.04.
- Support held at $3.00 during selloffs, with momentum fading above $3.09.
- Institutional flows remained neutral: $2.1 billion in token divestment balanced by $14 million in leveraged longs.
- AI models predict a move to $3.12 by August-end, while short-term reversal risks are flagged.
Market Context
The banking sector's coordinated resistance represents the strongest challenge since Ripple's partial SEC victory. Despite this, XRP maintained stability above $3.00 amid significant liquidity fluctuations.
Price Action Overview
- XRP reached a high of $3.11 before reversing on volume spikes of 69.89 million XRP.
- Support formed at $2.97 during the Asia session, backed by large trades over 50 million XRP.
- Final hour showed XRP steady at $3.03, with 2.1 million XRP sold during a breakdown attempt.
Technical Insights
- Price structure indicates consolidation between $3.00–$3.02 with no breakdown observed.
- Bulls faced challenges at $3.09–$3.11, indicating short-term exhaustion.
- Trading volume exceeded the daily average in five hourly windows, showing sustained interest.
- TD Sequential indicates a completed 9-count on the 3-day chart, often signaling a local top.
- Breakout level is at $3.05, with potential for extensions to $3.15 if volume exceeds 50M/hour.
What Traders Are Monitoring
- Ripple's potential public response to the banking sector's challenge and regulatory reactions.
- Continued support at $3.00–$3.02 as an accumulation range for larger holders.
- Volume trends heading into the weekend; any decrease could lead to retests around $2.92–$2.97.
- Confirmation of trend flips above $3.05 on strong volume, targeting the $3.12–$3.25 range.