XRP Recovers Above $2.04 After Sharp Sell-Off and Forms Bullish Channel
XRP experienced significant volatility, dropping over 6% before rebounding. It stabilized and formed a bullish ascending channel above the $2.04 level, with traders monitoring upward pressure near the $2.09 resistance.
News Background
- Market sentiment is fragile due to global economic uncertainty impacting risk assets.
- Trade tensions and policy changes have led to liquidations across major cryptocurrencies.
- XRP benefits from narratives around potential spot ETF approval and Ripple's expansion in global payments.
- Analysts are focused on XRP establishing a higher low to support a breakout above $2.09.
Price Action
XRP's price ranged 6.33% in the last 24 hours, falling from $2.147 to $2.011. A sell-off at 21:00 saw volume exceed 163 million units. The asset recovered, forming a higher low at $2.042 and reaching $2.089 later, driven by a volume spike of 1.38 million units.
Technical Analysis Recap
- XRP traded between $2.147 and $2.011.
- Selling peaked at 21:00 with over 163M in volume.
- Higher low at $2.042 indicates returning buyer control.
- Resistance is at $2.089–$2.090; support holds at $2.011–$2.042.
- Final hour price reached $2.089 on 1.38M volume at 06:20.
- Short-term ascending channel confirmed with sequential higher lows.
- Buyers defended $2.082–$2.083 during pullbacks, indicating accumulation.
- MACD shows positive movement; RSI neutral at ~54, favoring continuation if resistance is breached.