XRP Price Whipsaws in Volatile Trading Session Amid Broader Market Slide

XRP

XRP$2.14 climbed 7% over the past 24 hours, rebounding from a steep sell-off to trade at $2.20 after finding support at $2.07.

News Background

• XRP’s week-long price action was influenced by a mix of fundamental developments and market speculation.
• Ripple recently received approval from Dubai regulators for its RLUSD stablecoin, underscoring the company’s ambition to integrate digital assets into cross-border payment systems.
• Meanwhile, the market is closely watching for a decision on Franklin Templeton’s proposed spot XRP ETF, expected by June 17. Approval could attract substantial institutional inflows, potentially transforming XRP’s liquidity profile.
• On the technical front, XRP’s consolidation above its 200-day moving average signals resilience despite broader market volatility.
• Ripple’s broader strategy — bridging crypto and traditional finance — continues to define XRP’s role as both a settlement asset and a risk-on hedge against traditional assets.

Price Action

The rebound followed a sharp sell-off that saw XRP tumble to $2.07 during the 19:00-20:00 hour, with volume spiking to 228.6 million units — nearly double the daily average — suggesting capitulation selling rather than steady distribution. 

XRP’s price has since formed a higher-low pattern with bullish momentum returning as buying interest surged in the $2.10-$2.15 range.

While XRP’s price action has regained ground, the $2.50-$2.60 resistance zone remains formidable. The market remains cautious, with traders eyeing the potential ETF decision as a catalyst for a sustained breakout.

Technical Analysis Recap

• XRP climbed from $2.07 to $2.20, a 7% gain.
• The most significant selling occurred between 19:00-20:00, with volume hitting 228.6 million units — nearly double the daily average.
• Resistance formed at $2.50-$2.60, with price struggling to sustain gains beyond these levels.
• Support established at $2.07-$2.10, with high-volume buying interest stabilizing the price action.
• Price action has formed a higher-low pattern with bullish momentum, though market caution persists.
• XRP remains technically within a symmetrical triangle formation, hinting at potential breakout scenarios if volume increases and resistance is breached.

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