XRP’s formation of higher lows between July 15-16 signaled underlying accumulation despite repeated rejections at $2.93. Each pullback found support at progressively elevated levels—$2.82, $2.85, and $2.87—demonstrating increased buying pressure at key thresholds. This pattern typically precedes bullish breakouts when occurring near resistance after extended consolidation.
The higher lows coincided with strategic institutional buying, particularly during 14:00 and 19:00 UTC windows when volume exceeded daily averages. Market makers established strong support at $2.85, creating a technical foundation for upward movement. This accumulation phase represents institutional positioning ahead of the ProShares XRP Futures ETF launch, suggesting anticipation of increased demand.
While the $2.93 resistance remains formidable, the higher low structure indicates weakening selling pressure and strengthening buyer conviction. A decisive breakout above $2.93 would confirm trend reversal potential, especially if accompanied by volume expansion similar to the CME futures activity. The pattern suggests building momentum rather than distribution.
