XRP Rebounds From Nearly $3 After 10% Drop, Signals Possible Bottom
XRP experienced a significant 10.14% price drop within a 24-hour period, from $3.45 to $3.10, between July 23rd, 12:00 and July 24th, 11:00 GMT. The sell-off intensified between 13:00 and 21:00 on July 23rd, breaking through the $3.20 support level and establishing new resistance at $3.23–$3.25. The price briefly touched a session low of $2.96 before a robust rebound. High trading volume, exceeding 175 million, far surpassing the daily average, suggests institutional involvement during the price dip into oversold territory. A pattern of consecutively higher lows, along with the closing price above $3.10, points towards a potential bullish reversal.
The recovery started around 06:00 GMT on July 24th. A bullish breakout between 10:46 and 10:48 propelled the price from $3.06 to $3.09, fueled by above-average volume, culminating in a rally to $3.11 by the session’s end. This rebound, characterized by consistently higher lows from $2.96 to $3.09, signals a potential shift in market momentum after a prolonged downturn. The $3.06–$3.07 range saw repeated testing with 4.6 million in transaction volume, indicating strong demand at these price levels. A final surge solidified $3.10 as reclaimed support.
Technical analysis reveals a 24-hour high/low range of $0.49, between $3.45 and $2.96. The recovery is marked by ascending lows: $2.96, $3.06, $3.09, and finally $3.11. Resistance is currently set at $3.23–$3.25, with a break above $3.15 confirming a potential reversal. The session’s highest buying pressure, 5.6 million in volume, occurred between 11:08 and 11:10.
Key factors to watch include XRP’s ability to maintain levels above $3.15, confirmation of momentum through a break above the $3.23–$3.25 resistance, further evidence of institutional accumulation in the $3.00–$3.10 range, and the impact of broader market sentiment and potential US regulatory news.
