XRP’s $2.3 Hurdle: A Bullish Leap or a Bearish Trip?

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  • XRP saw high outflows from exchanges, a bullish sign contrasted by falling network activity and retail interest. 📈📉
  • The increased demand for XRP over the past week and a momentum shift were early signs of bullishness. 🚀

Ripple [XRP] bulls tried, and failed, to breach the $2.3 resistance zone on the 3rd of July. Technical analysis showed that this level was close to the mid-range resistance level at $2.27. Imagine trying to jump over a fence, only to face-plant into a bush. That’s XRP for you. 🤦‍♂️

The altcoin has traded within this range since March. Analysis of on-chain metrics revealed that over 1 billion XRP tokens were moved off exchanges. It was a strong catalyst that signaled accumulation and could help drive the next rally. Or, you know, it could just be a bunch of people moving their tokens to their digital piggy banks. 🐷

On the legal front, Ripple’s woes continued, embroiled in another legal crossfire with Linqto, the Securities and Exchange Commission (SEC), and the Department of Justice (DoJ). It’s like a bad episode of Law & Order, but with more blockchain and less coffee. ☕️🚫

This development did not help XRP’s breakout chances. Not that it needed any more help, considering its track record. 🏃‍♂️🚫

XRP resistance levels are overhead, but will they be overcome?

The weekly chart showed that XRP’s overall swing structure remains bullish. Following a strong rally in November, the asset established a higher low at $1.61. It’s like XRP is playing a game of “Don’t Touch the Ground” and so far, it’s doing pretty well. 🛸

However, the internal market structure has turned bearish. The $2.60 resistance zone has consistently rejected bullish attempts since March. It’s like trying to climb a mountain, only to find out it’s actually a really tall escalator going down. 🏔️↓

Another key observation is the steady decline in trading volume since February. The 20-week moving average of volume has been trending downward, signaling that XRP is currently in a consolidation phase on the higher timeframe. It’s like the market is taking a nap, and no one wants to wake it up. 😴🚫

The daily chart highlights the significance of the $2.27–$2.32 supply zone, which has served as a major resistance level throughout June. So far, the bulls have struggled to break above this level. It’s like trying to open a jar of pickles with one hand. 🥄🚫

At the time of writing, the On-Balance Volume (OBV) trended downward during June, signaling weakening demand. However, demand has picked up slightly over the past week. It’s like the market is having a mid-life crisis and suddenly decides it wants to buy a sports car. 🚗🔥

Meanwhile, the Relative Strength Index (RSI) climbed above the neutral 50 mark, suggesting that bullish momentum is starting to build. It’s like XRP is finally getting its act together, but we’ll see how long that lasts. 🤞

From a technical standpoint, swing traders may consider going long if XRP successfully retests $2.32 as support. It’s like betting on a horse that’s been napping in the middle of the race. 🏇😴

Despite improving price action, a decline in transaction activity points to fading interest from retail investors. The Network Value to Transactions (NVT) ratio also indicates low on-chain activity, reinforcing concerns about weak network usage. It’s like a party where everyone’s just standing around, looking at their phones. 📱🚫

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2025-07-05 08:16