XRP Builds Momentum Above $2.26 as Bulls Target $2.38

XRP continues to generate investor optimism as it gains traction above the $2.26 level, reflecting growing momentum that may soon test the $2.38 resistance mark. The latest rally in the XRP price is supported by surging volumes and favorable technical patterns, signaling stronger positioning amid an uncertain macroeconomic environment.

Between July 7 and 8, XRP experienced a 4.5% price increase, peaking at $2.35 before settling near $2.26. More than 182 million XRP tokens were exchanged during peak activity, reflecting heightened interest from both retail traders and institutional participants. Despite widespread skepticism in the broader crypto market, XRP has shown notable strength that could point to further upside if key resistance points are breached.

Market Landscape and Institutional Catalysts

As global economic tensions and geopolitical instability weigh on risk assets, the cryptocurrency market has faced a mix of hesitation and resurgence. Yet, in this turbulent environment, XRP has emerged as a standout performer. Backed by robust on-chain metrics and renewed attention from major financial players, the token is drawing increased confidence among market observers.

One major catalyst has been Grayscale’s decision to include XRP in its Digital Large Cap Fund – the first such move since regulatory barriers were lifted. In addition, ten spot ETF proposals for XRP are currently under review by U.S. regulators, with approval decisions anticipated as early as October. Positive rulings could fuel a surge in demand, amplifying XRP’s bullish momentum.

Another key development strengthening XRP’s bullish narrative is Ripple’s pursuit of a U.S. banking charter. As regulatory clarity slowly emerges, institutions are starting to view XRP through a more favorable lens. Technical analysts are now identifying $2.38 as a critical resistance level that, once cleared, could pave the way toward the $3.40 region.

XRP Technical Overview

A closer look at recent price movements shows a constructive technical setup. According to CoinDesk’s analytics, XRP rallied from $2.25 to $2.35 over a 24-hour period starting on July 7 at 05:00 and ending on July 8 at 04:00 – a 4.5% gain within a tight trading window. The most significant activity occurred between 13:00 and 16:00, when volume surged to between 144 million and 182 million XRP, pushing the token to its session high.

Following this upward move, initial resistance materialized around $2.32, prompting some sellers to lock in gains. This led to a mild pullback, stabilizing XRP at a healthy support zone near $2.26. The $2.25–$2.26 range has since proven resilient, repeatedly absorbing sell pressure and preventing steeper declines during periods of late-session volatility.

Furthermore, in the final hour of market activity, XRP experienced notable volatility of around 2.0%. Starting at a low of $2.25 at 04:22, the token rallied back up to $2.30 by 04:33. This sharp intra-hour recovery was triggered by a surprise volume burst of nearly 1 million XRP units at 04:29, ultimately lifting the price before it consolidated once more around $2.26.

These recent fluctuations indicate that buyers remain firmly engaged in the market, with XRP building a solid base for potential continuation moves. If momentum persists, a break above $2.38 could open the door to further gains, pushing the token toward previously projected highs near the $3.40 level.

Related: Expert Advice: Sell XRP If You’re Confused

While macro uncertainty continues to weigh on investor sentiment, XRP’s internal fundamentals and increasing institutional involvement have made it one of the more technically appealing crypto assets in mid-2024. Traders and long-term investors alike will be closely watching the $2.38 resistance level as a key indicator for the token’s next leg.