XRP is consolidating beneath the critical $3.00 resistance, forming higher lows and building a potential bullish setup ahead of the highly anticipated ProShares XRP Futures ETF, which is set to launch on July 18. The token closed at $2.89 on July 16, gaining 1.8% despite multiple failed breakouts above key resistance at $2.93.
Over the last 24 hours, XRP traded within a 4.08% range between $2.82 and $2.93, showing strength in its support zone around $2.85, where treasury desks and market makers actively stepped in.
$2.93 Resistance Holds Despite Repeated Tests
Attempts to break above $2.93 were rejected four times — at 12:00, 13:00, 17:00, and 18:00 UTC — with visible institutional sell-side pressure halting each move. Analysts believe that corporate desks are deliberately defending this level as part of pre-ETF portfolio balancing.
At the same time, accumulation volume spikes above 2 million XRP tokens were seen near $2.85 and $2.88, indicating strategic loading ahead of a potential volatility breakout.
“This is a textbook higher-low formation under resistance,” noted one technical analyst. “If XRP clears $2.93 with strong volume, it could spark a meaningful trend shift.”
ETF Launch Looms as Catalyst
The imminent launch of the ProShares XRP Futures ETF has created a tug-of-war between cautious institutional rebalancing and bullish speculative flows. While $3.00 remains the psychological ceiling, consistent support at $2.85 underscores long-term positioning by larger players.
However, regulatory uncertainty still weighs on sentiment. Some firms reportedly remain underexposed until there’s clarity on ETF inflows and broader compliance risks.
Key Price Action Highlights
- Range: $2.82 – $2.93
- Final Hour Move: $2.88 → $2.90 (+0.69%)
- Support Zone: $2.85
- Resistance Rejections: Four attempts at $2.93
- Volume Spikes: 2M+ XRP at accumulation levels
- Trend Structure: Forming higher lows, potential breakout base
What Traders Should Watch Next
- A clean breakout above $2.93 with 100M+ volume would confirm momentum toward $3.00+
- If $2.88 fails, expect a pullback toward the $2.82 support zone
- ETF launch on July 18 could act as a volatility trigger — either as a breakout or fakeout event
- Continued accumulation at $2.85 hints that larger players are preparing for a directional move
Conclusion
XRP’s structure remains constructive, with price pressing against a strong resistance zone while accumulation volumes increase below. A breakout above $2.93 could mark the beginning of a trend shift and renew corporate interest above the $3.00 threshold — particularly if ETF-driven demand intensifies.
Until then, traders are advised to monitor volume, breakout confirmation, and key macro developments as XRP navigates a critical inflection point.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.