XRP Faces Resistance at $3.07, Closes Near Support at $2.98
XRP experienced a slight decline, retreating from $3.01 to $2.98 as early gains were met with selling pressure.
Price Action Summary
- XRP traded within a $0.09 range between $2.98 and $3.07, representing a 3% intraday movement.
- The price peaked at $3.07 but faced rejection with 64.3M tokens traded, higher than the 54.7M average.
- Selling pressure pushed XRP down to $2.98, where support was consistently defended.
- A late-session dip saw a 1.95M-volume flush to $2.979, quickly absorbed by buyers.
- Rebound flows stabilized the price near $2.98, with recovery volumes averaging 750K per bar.
Technical Analysis
- Resistance is solid at $3.07, confirmed by higher-than-average selling and failed attempts to break through.
- Support is firm at $2.98, where buyers consistently showed interest, absorbing high-volume dips.
- Despite sellers controlling much of the session, institutional accumulation on dips suggests potential for another upward attempt.
What Traders Are Watching?
- The ability of $2.98 to hold as support in future sessions.
- Whether $3.07 remains a strong resistance level under renewed pressure.
- Evidence of ongoing institutional inflows as ETF catalysts approach.
- A potential test of $3.10 if buyers regain control above $3.03.