XRP spent the past two weeks trying to stop going down. Now it's trying to go higher.
The token pushed through $1.14, then $1.18, and finally reclaimed $1.20 on the strongest volume since the early-June washout, forcing traders to reassess a market that had been priced for further weakness.
The move came as XRP-specific activity accelerated, with South Korea's Upbit exchange accounting for a growing share of network flows and institutional demand continuing to build through ETF products.
• Ripple ecosystem activity picked up as traders focused on growing XRP demand across Asia, with Upbit accounting for 31% of XRP wallet-flow dominance by June 14, up from 13% a week earlier.
• XRP ETF products continued attracting capital, extending a run of inflows that has brought cumulative net investment to roughly $1.4 billion since launch.
• Several analysts pointed to bullish RSI divergences and completed correction structures following XRP's rebound from the $1.05-$1.09 support zone.
• XRP climbed from $1.1425 to $1.2307 during the session, gaining roughly 8%.
• The breakout began during the June 14 21:00 UTC session, when volume surged to 107.6 million XRP and drove price through resistance near $1.14.
• Buying accelerated through the $1.18 and $1.20 levels before XRP reached session highs near $1.23.
• XRP has now reclaimed the levels that capped every recovery attempt since the early-June breakdown.
• The move was backed by volume rather than short-covering alone. Trading activity rose nearly 22% above the weekly average while breakout candles printed the strongest participation seen in weeks.
• Daily momentum indicators continue improving. Several analysts highlighted bullish RSI divergence after XRP held support around $1.05 and formed higher lows while momentum stabilized.
Source
This article is syndicated for educational reading. For the latest updates, visit the original publisher.
Read on coindesk.com
