XRP Tests $2.46 Barrier After Bullish Run — Watch for Confirmation Above
XRP experienced a notable price surge on July 9-10, driven by increased trading volume and potentially influenced by Ripple CEO Brad Garlinghouse’s testimony before the U.S. Senate Banking Committee. The cryptocurrency saw a 2.6% increase, reaching an intraday high of $2.46 before profit-taking led to a slight pullback.
The price action exhibited a range of $0.092, representing 3.85% volatility over the 23-hour period. A key catalyst was a significant volume surge to 78.3 million at 07:00 on July 10, propelling XRP above the crucial $2.43 resistance level. This breakout, however, proved short-lived as sellers emerged near the $2.46 mark, capping the upward momentum. The final hour of trading saw a 0.73% drop as profit-taking intensified, with sell volume exceeding 1.9 million XRP in a brief period.
The overall session displayed above-average trading volume, reaching $4.54 billion—a 74% surge compared to the 24-hour average of 62.2 million. This heightened activity suggests renewed investor confidence, potentially linked to expectations of increased regulatory clarity in the crypto space. The increase in institutional accumulation, with 2,743 wallets now holding over 1 million XRP each, further supports this positive sentiment.
Technically, XRP’s price action formed a support zone between $2.35 and $2.36, while the $2.46 level acted as resistance. The late-session sell-off tested the $2.437 support level. A sustained breakout above $2.46 with accompanying volume would be necessary to confirm a bullish trend and potentially retest higher targets in the $2.60–$2.75 range. Conversely, failure to hold the $2.437 support could trigger a return towards the $2.38–$2.35 support zone. Despite the intraday price fluctuations, the overall higher low structure remains intact. While the Relative Strength Index (RSI) suggests overbought conditions, no bearish divergence is observed on intraday charts.
The ongoing debate surrounding U.S. crypto legislation remains a significant macro factor, with potential to significantly impact XRP’s future price movements. Regulatory developments could serve as a catalyst for the next major price leg.
