XRP bounced off a sharp intraday low of $2.96 on July 24, posting a strong recovery after a 10% selloff. The token’s rebound is drawing attention from technical analysts and institutional players, hinting at a potential bottom formation.
Heavy Selling Pushes XRP to Oversold Territory
Between July 23 and July 24, XRP dropped from $3.45 to $3.10, breaching support at $3.20 and forming new resistance in the $3.23–$3.25 range. The lowest print was $2.96, hit in the early hours of July 24, marking a near-15% peak-to-trough drop in under 24 hours.
However, trading volumes soared past 175 million, well above the daily average—an early signal of institutional accumulation as prices dipped into oversold levels.
Technical Rebound Led by Higher Lows
After the $2.96 bottom, XRP entered an ascending price structure, posting a sequence of higher lows:
- $2.96 → $3.06 → $3.09 → $3.11
This shift in momentum was accompanied by a bullish breakout between 10:46–10:48 GMT, when XRP surged from $3.06 to $3.09. The final rally to $3.11 occurred on the session’s highest 60-minute volume candle, with 5.6 million units traded.
Analysts point to this behavior as typical of early-stage recoveries, where demand strengthens at key intraday levels and buyers reclaim short-term support.
Key Support and Resistance Levels to Watch
- Support: $3.06–$3.10 zone has been reclaimed after multiple tests
- Resistance: $3.23–$3.25 remains the next major ceiling
- Reversal Confirmation: A sustained break above $3.15 would confirm bullish continuation
The 10:31–10:37 GMT window saw XRP repeatedly test $3.06 with strong volume—4.6 million tokens exchanged, confirming demand strength in that zone.
Institutional Behavior Hints at Bottoming
Market observers believe institutional funds were active during the dip, as volume spikes and price action resembled smart-money accumulation rather than panic selling. If XRP can hold above $3.10 and close above $3.15 in the coming sessions, this recovery could extend.
Outlook
XRP’s rebound from $2.96 to $3.11 in under 24 hours, led by ascending lows and volume spikes, suggests the worst of the correction may be over. Traders are now watching for confirmation above $3.15 to signal a return to bullish momentum.
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.