XRP’s Wild Ride: Breaking Barriers and Breaking Hearts

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What to know:

  • XRP gained 2.6% during the July 9-10 session, reaching an intraday peak of $2.46 before profit-taking.
  • Ripple CEO advocated for comprehensive crypto legislation, highlighting XRP’s compliance in over 60 jurisdictions.
  • Institutional accumulation of XRP is at record highs, with 2,743 wallets holding over 1 million XRP each.

XRP posted steady gains during the July 9–10 session, pushing 2.6% higher as breakout volume drove the price to a $2.46 intraday peak before late-session profit-taking. 📈💸

Price action ranged $0.092 from a $2.351 floor to a $2.443 high, marking 3.85% volatility over the 23-hour stretch. 🎢💸

The breakout was led by a surge in volume to 78.3 million at 07:00 on July 10, pushing XRP above key $2.43 resistance. The rally lost steam into the close, with sellers stepping in just below $2.46.

News Background

  • Ripple CEO Brad Garlinghouse appeared before the U.S. Senate Banking Committee on July 9, advocating for comprehensive crypto legislation and citing XRP’s regulatory compliance in over 60 jurisdictions. 👨‍⚖️💼
  • This comes as institutional accumulation in XRP hits record highs — with 2,743 wallets now holding over 1 million XRP each, totaling 47.32B coins. 💰📈
  • Daily volume surged 74% to $4.54B, signaling renewed confidence tied to anticipated regulatory clarity. 📈📈

00 to July 10 12:00.

  • Breakout occurred at 07:00 July 10 as price breached $2.43 resistance with volume spiking to 78.3M. 🚀💸
  • Intraday high of $2.46 met with immediate rejection, capping upside momentum. 💸💔
  • Final hour of trading (11:49–12:48) saw a 0.73% drop from $2.45 to $2.44 as profit-taking accelerated. 💸👋
  • Sell volume exceeded 1.9M XRP during the 12:25–12:31 window, with price slipping to a session low of $2.437. 📉💸

    • Technical Analysis

    • Range: $0.092 or 3.85%, between $2.351 low and $2.443 high.
    • Resistance: $2.46 level triggered repeated rejections; failure to reclaim post-breakout suggests short-term exhaustion. 💸💔
    • Support: $2.35–$2.36 base formed early in session; $2.437 tested late on sell pressure. 📉💸
    • Breakout: Occurred at 07:00 with price moving from $2.42 to $2.443 on 78.3M volume. 🚀💸
    • Reversal: 11:49–12:48 saw $2.45 break with heavy volume — indicating short-term distribution and consolidation pressure. 💸💔
    • Volume: Above-average flow sustained throughout session; 62.2M 24H average vs. 74% surge to $4.54B in value traded. 📈💸

    What Traders Are Watching

    • A clean breakout above $2.46 with volume is needed to flip resistance and retest upper targets at $2.60–$2.75. 🚀💸
    • Failing to hold $2.437 may open downside back to $2.38–$2.35 support zone. 📉💸
    • Higher low structure remains intact; RSI near overbought but no bearish divergence on intraday charts. 📈📉
    • Macro catalyst: Progress on U.S. crypto legislation could drive next major leg up. 👨‍⚖️💼

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    2025-07-10 17:49