This article was first published on The Bit Journal.
The XRP support level at $1.13 was put to the test over the weekend, but the token bounced back quickly as buyers piled in to regain most of its losses within a few hours. XRP is still largely trading within the same range of $1.10-$1.30 that has been constant throughout June.
XRP slipped below a closely watched zone on Sunday; after a wave of selling pushed the token down to around $1.12. However, that drop was short-lived as buyers absorbed the pressure and drove XRP back towards $1.15.
XRP Support Level Survives Heavy Volume Sell-Off
During the 24-hour trading session; XRP fell from $1.1451 to $1.1383, representing a decline of roughly 0.6%.
Selling intensified around 21:00 UTC when trading volume surged to 85.8 million XRP; one of the largest volume spikes recorded during the session. The increased activity pushed the token to an intraday low near $1.1213.
Ordinarily, a breakdown like that would make traders even more bearish, but instead; buyers stepped in almost immediately.
The rebound itself was impressive. XRP bounced back up to $1.148, wiping out most of the losses before the market even had time to pause. By recovering nearly 80% of the sell-off, XRP showed once again that demand is still strong near the bottom of its current trading range.
This has been a pattern seen a lot in June trading. Every time the price has dropped to support, buyers have come in to push it up, even while the rest of the market is weak.
Recent reports have also shown some interesting accumulation activity and ETF-related inflows that continue to support the market beneath the surface.
Why the $1.13-$1.14 Zone Really Matters
The latest price action just reinforced how important that $1.13-$1.14 area is for XRP.
Technically, the initial break below $1.1385 appeared meaningful because it occurred during the session’s largest volume surge.
However, the inability of sellers to maintain control below $1.13 quickly changed the picture.
When a breakdown fails like that, it often attracts attention because it can indicate strong demand waiting below market prices.
For weeks now, analysts have been saying that that $1.13-$1.15 area is a make-or-break zone for XRP. Just last week, XRP successfully defended that region before rebounding toward higher levels. Market observers are still convinced it is one of the most important support areas currently on the chart.
As long as XRP keeps on attracting buyers like it did this weekend, traders may interpret the current range as a base-building phase rather than a continuation of the earlier sell-off.
Resistance Remains a Challenge for Bulls
While the buyers managed to defend the support level, the rebound also showed another problem. The price got stuck just near $1.147-$1.149, and that area is now the biggest resistance zone on the charts.
This resistance zone for XRP is close to levels that traders have been eyeing all through June. All previous rallies have ended up stalling once XRP gets close to the higher part of its short term trading range. Recent attempts to move above $1.20 and beyond have also faced renewed selling pressure.
To see bullish momentum start to pick up, XRP would need to establish solid footing above the current resistance levels and then start to push against the higher end of the $1.10 to $1.30 range.
Until that happens though traders are kind of stuck between support near $1.13 and resistance around $1.15.
What XRP Traders Should Watch Next
The XRP support level is now where the action is, after the latest bout of selling shook things up.
If buyers continue defending the $1.13-$1.14 region, attention could shift to another attempt at breaking resistance near $1.147-$1.15. A successful move above that zone would improve short-term sentiment.
However, XRP is still bouncing around right within the established $1.10 to $1.30 trading range that has been the only place the price has been trading for most of June.
A clean break above $1.30 or below $1.10 would probably provide the clearest signal as to what direction traders can expect.
Conclusion
The latest test of the XRP support level was another reminder that there are buyers still around near the lower end of the market’s current trading range. Even after a decline to $1.12, and the heavy selling that came with it, XRP managed to recover most of that lost ground quite quickly.
The range between $1.10 and $1.30 remains in place, leaving traders just waiting for something that might finally break this one way or the other.
Glossary
XRP Support Level: A price zone where buying interest is strong enough to prevent further declines.
Resistance: A price level where selling pressure tends to emerge.
Volume Spike: A sudden increase in trading activity compared to normal levels.
Consolidation: A period where an asset trades within a defined range without establishing a clear trend.
Accumulation: Buying activity that occurs as investors gradually build positions.
Frequently Asked Questions About XRP Support Level
What is the current XRP support level?
The most closely watched XRP support level currently sits between $1.13 and $1.14; where buyers have repeatedly entered the market.
Why did XRP bounce back after hitting $1.12?
Strong buying activity absorbed heavy selling pressure; helping the token recover nearly 80% of the decline.
What is XRP’s current trading range?
XRP’s been trading in a narrow range between $1.10 and $1.30 all throughout June.
What resistance level are traders currently worried about?
Immediate resistance sits near $1.147-$1.15; where the latest rebound lost momentum.
References
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