- XRP briefly spiked to $2.30 in a fakeout move that highlighted strong buyer interest and underlying bullish sentiment.
- Despite the pullback, support above key moving averages and improving RSI suggest a potential breakout ahead.
XRP recently surged to $2.30 in a sudden upward move before sharply retreating. While this fakeout disappointed short-term traders, it revealed an important bullish signal: buyers are still active and waiting for the right moment to enter the market.
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Brief Surge Unmasks Hidden Buyer Interest
After months of trading in a narrow range between $2.00 and $2.10, XRP managed to break above the 50, 100, and 200-day exponential moving averages (EMAs) for the first time in weeks. Although the breakout didn’t hold, the move to $2.30 was not meaningless. It came with a noticeable spike in trading volume, suggesting genuine market interest rather than thin liquidity manipulation.
More importantly, the rejection at $2.30 confirmed that bulls are still in play. The price action triggered significant activity from buyers and helped remove weaker hands from the market—a typical sign that a stronger push could follow.
Technical Indicators Show Strength
The Relative Strength Index (RSI), which hovered in neutral to bearish territory throughout June, recently broke into the mid-50s. This shift points to improving buying pressure and potential for upward movement.
In addition, XRP continues to hold above its 200-day EMA, a level that has acted as a reliable structural floor over recent months. Staying above this key support line indicates that the current trend still has bullish potential, even after the failed attempt to break resistance.
A Bullish Setup, But Resistance Remains
While the $2.30 level proved to be a temporary ceiling, its breach—however brief—demonstrates that the market is testing upper resistance. If XRP can reclaim and hold this level with volume, it could trigger a true breakout and end the consolidation phase.
For now, the asset remains range-bound, but the setup is tilting bullish. Traders and investors should watch for a confirmed move above $2.30, ideally with strong volume, before expecting extended gains.
Despite a sharp pullback after testing $2.30, XRP has shown signs of strength through volume surges and technical support. The fakeout may have laid the groundwork for a real breakout in the near future.
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