XRP announced a 4% win during the 24-hour trade window from July 22 at 1 p.m. 03:00 to 23 July at.
The move follows a technical outbreak from a six-year-old symmetrical triangle and coincides with the key development in American crypto arrangement and the launch of institutional investment products.
Despite Bullish Momentum throughout the day, institutional sales emerged in the last hour of trade, paring gains and signaling of possible consolidation in the short term.
News Background
- The US Congress presented the geniuses and clarity and created a legal framework for digital assets and reduction of uncertainty about XRP’s security classification.
- Proshares launched the first XRP Futures Etf, a milestone for institutional adoption.
- Wall Street analysts have issued $ 6.00 price targets of XRP after confirmation of the triangle’s outbreak, with long-term projections reaching as high as $ 15.00.
Summary of Price Action
XRP broke over $ 3,52 resistance over 17: 00–18: 00 window of a volume of 106.4 million stones of 52% over the 24-hour average of 70.1 million. The outbreak propelled prices against the $ 3.57 session high before selling pressure in the last hour withdrew prices back to $ 3.51.
The last 60-minute window from 01:09 to 02:08 GMT showed distribution behavior. Prices rose from $ 3.50 to $ 3.52 of 01:46 before returning. A decrease in high volume of 2.25 million units between 02: 02-02: 03 marked the most intense sales of the day and pushed prices at $ 3.50 before a marginal recovery.
Technical analysis
- Symmetrical triangle breakout confirmed over $ 3.00 with a high of $ 3.64 earlier in the week.
- Resistance: $ 3.57 (intraday) with strong overhead supply observed in the last hour.
- Support: $ 3.42 re -tested successfully several times, confirming a strong institutional bid zone.
- RSI and MACD remain neutral, suggesting limited short -term momentum.
- Analysts maintain $ 6.00 targets in the short term; $ 15.00 marked as long -term projection based on outbreak expansion.
Which dealers are looking at
- Whether $ 3.50 applies as a psychological and technical support level over the next 24 hours.
- Follow-up of buying interest from institutions after ETF launch.
- Congress Momentum by further regulation of digital asset.
- SPOT ETF development and their influence on wider investor exposure.
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