XRP Pulls Back After Technical Surge; Pattern Still Points to $6 Target
0Six-year breakout holds, but late-session sell pressure tests key levels as ETF momentum and U.S. crypto legislation continue to drive long-term narrative.
XRP traded in a wide $0.11 range between $3.46 and $3.57 during the 24-hour period ending July 23 at 08:00 GMT. The asset posted a 3% swing as bulls drove price to a session high of $3.57 on 106.4 million volume, before profit-taking triggered a reversal back to $3.46.
The late decline broke key support at $3.50, which had been retested multiple times overnight.
Volume surged as institutional flows reacted to a confluence of catalysts: advancing U.S. crypto legislation, fresh ETF approvals, and long-awaited technical pattern completion. Analysts still point to $6–$15 price targets long term, but warn of short-term consolidation risk.
• XRP broke above $3.65 last week, completing a six-year symmetrical triangle.• ProShares launched the first XRP futures ETF, marking a milestone in regulated institutional access.• U.S. Congress advanced the GENIUS and CLARITY Acts, pushing forward crypto regulation clarity, fueling fund flows into large-cap digital assets.
The most aggressive move came at 17:00 GMT on July 22, when XRP jumped from $3.52 to $3.56 in under an hour on 106.4 million volume—over 50% above the daily average of 70.1 million. Resistance formed at the $3.56–$3.57 zone, capping upside and triggering a steady retreat through the overnight session.
The final hour (07:10–08:09 GMT) saw a breakdown from $3.47 to $3.46, as volume spiked to 2.5 million between 07:37 and 07:49. That move cracked the previously firm $3.49–$3.51 support band, confirming a short-term trend shift as selling overwhelmed buyers.
• 24-hour trading range: $3.46–$3.57 (3.18%)• Bullish breakout at 17:00 July 22: $3.52 → $3.56 on 106.4M volume• Support zone: $3.49–$3.51 tested multiple times overnight, failed by session close• Resistance zone: $3.56–$3.57 capped rally, now defining next breakout point• Breakdown confirmation: $3.47 → $3.46 on 2.5M volume spike• RSI neutral; MACD turning lower — signals likely consolidation before next directional move
Institutional participation remains elevated amid ETF inflows and improving regulatory optics. Despite the near-term rejection at $3.57, analysts continue to flag bullish setups targeting $6.00 and even $15.00 over multi-month timeframes. The $3.50 level now acts as psychological pivot for bulls to defend in upcoming sessions.
Shaurya is the Co-Leader of the CoinDesk tokens and data team in Asia with a focus on crypto derivatives, DeFi, market microstructure, and protocol analysis.Shaurya holds over $1,000 in BTC, ETH, SOL, AVAX, SUSHI, CRV, NEAR, YFI, YFII, SHIB, DOGE, USDT, USDC, BNB, MANA, MLN, LINK, XMR, ALGO, VET, CAKE, AAVE, COMP, ROOK, TRX, SNX, RUNE, FTM, ZIL, KSM, ENJ, CKB, JOE, GHST, PERP, BTRFLY, OHM, BANANA, ROME, BURGER, SPIRIT, and ORCA.He provides over $1,000 to liquidity pools on Compound, Curve, SushiSwap, PancakeSwap, BurgerSwap, Orca, AnySwap, SpiritSwap, Rook Protocol, Yearn Finance, Synthetix, Harvest, Redacted Cartel, OlympusDAO, Rome, Trader Joe, and SUN.
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