XRP rose from $2.60 to $2.68, breaking through the $2.63 barrier and establishing new support between $2.61 and $2.63.
News context
- XRP jumped 3% to $2.68 during Sunday’s session, surpassing the critical resistance level at $2.63 following a dramatic surge in volume – one of the largest of the month.
- This breakout aligns with growing institutional interest, supported by recent comments from fund managers highlighting that “hundreds of millions” were flocking to XRP exposure vehicles.
- The move also comes ahead of expected regulatory and ETF developments, which many analysts believe could accelerate demand.
Price Action Summary
- XRP rose from $2.60 to $2.68, breaking through the $2.63 barrier and establishing new support between $2.61 and $2.63.
- Trading volume reached approximately 106.5 million units in a single hour, an increase of 147% from the previous 24-hour average.
- The token is trading within a tight range of $0.08, illustrating disciplined accumulation rather than erratic speculation.
- Price action was characterized by higher lows that reinforced the breakout structure, and a late session consolidation near $2.67 suggested buyers were defending gains rather than exiting.
Technical analysis
- The structure now defines a breakout above a multi-session resistance zone with strong volume confirmation, a classic institutional accumulation signal.
- Support between $2.61 and $2.63 is newly anchored, while immediate resistance lies at the $2.70 to $2.75 area.
- Volume trends confirm this movement: a large spike at the breakout, followed by lower volatility during consolidation, pointing toward absorption. Key momentum indicators (RSI, MACD) remain constructive on daily charts, aligning with broader breakout psychology.
What Traders Should Know
- Traders are now watching for two critical behaviors: first, whether XRP can maintain the $2.63 support base; a retest and hold would validate the breakout.
- Second, if volume remains high or resumes, the breakout will have a more likely extension towards the $2.70 to $2.75 area.
- On-chain feeds and institutional product commentary (e.g., Teucrium Trading executives’ remarks about large inflows) support the accumulation narrative.
- On the risk side, a sustained close below $2.61 would damage the breakout and could return the price to its previous consolidation range.
