XRP Climbs 4% on Triangle Breakout, Holds $3.50 Amid Profit-Taking

XRP posted a 4% gain during the 24-hour trading window from July 22 at 03:00 to July 23 at 02:00, with prices moving between a low of $3.42 and a high of $3.57 before closing near $3.51.
The move follows a technical breakout from a six-year symmetrical triangle and coincides with key developments in U.S. crypto legislation and the launch of institutional investment products.

Despite bullish momentum throughout the day, institutional selling emerged in the final hour of trading, paring gains and signaling possible near-term consolidation.

News Background

• The U.S. Congress advanced the GENIUS and CLARITY Acts, establishing a legal framework for digital assets and reducing uncertainty around 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 on XRP following confirmation of the triangle breakout, with longer-term projections reaching as high as $15.00.

Price Action Summary

XRP broke above $3.52 resistance during the 17:00–18:00 window on volume of 106.4 million—roughly 52% above the 24-hour average of 70.1 million. The breakout propelled prices toward the $3.57 session high before selling pressure in the final hour dragged prices back to $3.51.

The final 60-minute window from 01:09 to 02:08 GMT showed distribution behavior. Prices climbed from $3.50 to $3.52 by 01:46 before reversing. A high-volume drop of 2.25 million units between 02:02–02:03 marked the day’s most intense sell-off, pushing prices to $3.50 before a marginal recovery.

Technical Analysis

• Symmetrical triangle breakout confirmed above $3.00 with a high of $3.64 earlier in the week.
• Resistance: $3.57 (intraday), with strong overhead supply observed in the final hour.
• Support: $3.42 retested successfully multiple times, confirming strong institutional bid zone.
• RSI and MACD remain neutral, suggesting limited short-term momentum.
• Analysts maintain $6.00 near-term target; $15.00 flagged as long-term projection based on breakout extension.

What Traders Are Watching

• Whether $3.50 holds as a psychological and technical support level in the next 24 hours.
• Follow-through buying interest from institutions post-ETF launch.
• Congressional momentum on further digital asset regulation.
• Spot ETF developments and their influence on broader investor exposure.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.

View Comments