XRP Faces $2.46 Resistance After Recent Bullish Surge

XRP showed strong bullish momentum recently, climbing steadily and nearing the crucial $2.46 threshold, though it struggled to fully break through. The rally, marked by a notable volume spike, reflects increasing investor confidence in XRP’s trajectory amid growing market interest and optimistic legal developments surrounding Ripple.

Between July 9 and 10, XRP appreciated by 2.6%, reaching an intraday high of $2.46 before a wave of profit-taking capped further gains. The trading session showed clear intraday volatility, with price action moving within a $0.092 range — from a low of $2.351 to a high near $2.443. The price volatility throughout this period was 3.85%, reflecting both trader excitement and market caution.

Volume Spike Signals Trader Interest

This upward movement was significantly influenced by a surge in trading volume early on July 10. At 07:00 UTC, volume spiked to 78.3 million XRP, pushing the price to test the $2.43 resistance zone. Although the breakout seemed promising, the price could not hold above the $2.46 level. A wave of selling activity took over late in the session, pushing the price slightly downward to $2.44 by the close.

Ripple’s Policy Campaigns Drive Sentiment

Boosting this positive momentum was Ripple CEO Brad Garlinghouse’s testimony before the U.S. Senate Banking Committee on July 9. His advocacy for comprehensive crypto regulation and emphasis on XRP’s compliance in more than 60 legal jurisdictions added confidence to the asset’s standing in the institutional space. This legislative optimism coincides with record levels of institutional accumulation, with over 2,743 wallets holding more than 1 million XRP each — totaling a combined 47.32 billion coins.

Daily XRP trading volume also saw significant gains, jumping by 74% to reach $4.54 billion. This surge underlines renewed belief in Ripple’s legal and regulatory position, which many believe could unlock long-term market potential.

Key Levels and Trading Behavior

• XRP advanced from $2.38 to $2.44 during a 23-hour session from July 9 at 13:00 UTC to July 10 at 12:00 UTC.
• The breakout was confirmed early July 10 as XRP crossed the $2.43 resistance line amid aggressive buying volume.
• The intraday top of $2.46 met immediate selling pressure, halting further gains and indicating the presence of short-term profit-takers.
• As trading neared its close, profit-taking increased, with a minor pullback of 0.73%, dropping the price from $2.45 to $2.44 between 11:49 and 12:48 UTC.
• Heavy selling occurred during a six-minute period from 12:25 to 12:31 UTC, with sell volume exceeding 1.9 million XRP, pushing the price down to $2.437.

Technical Snapshot

• Trading Range: $2.351 to $2.443, variance of $0.092 (approximately 3.85%).
• Resistance: The $2.46 mark proved a tough barrier with several rejections.
• Support: A solid base appeared between $2.35 and $2.36, offering immediate downside protection.
• Breakout Timing: The surge through $2.42 to $2.443 occurred around 07:00 UTC backed by 78.3 million XRP in volume.
• Reversal Pressure: Profit-taking around the $2.45 level suggests traders are cautious near recent highs.
• Volume Trends: Daily trading activity was far above the 24-hour average of 62.2 million XRP, consistent with the 74% increase in value traded.

Traders Eyeing Next Move

• A convincing break above $2.46, supported by volume, could open a path for XRP to target the $2.60–$2.75 range.
• If XRP falls below the $2.437 near-session low, it could revisit the support range between $2.38 and $2.35.
• The overall chart still shows a pattern of higher lows, supporting the longer-term bullish bias.
• Traders are also looking to U.S. regulatory developments as potential macro catalysts for XRP’s next upward leg.

As XRP continues to navigate this critical resistance region, the broader trend remains cautiously optimistic. A decisive breakout could mark a shift towards further upside momentum, particularly if backed by regulatory clarity and persistent accumulation by institutional players.

Related: XRP Price: $12M Max Pain for Bears

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.