XRP bulls defended the $2.27 support level, a 50-day SMA that has historically acted as a buying zone during corrections. The rebound to $2.34 reflected renewed accumulation by institutional traders hedging against broader market volatility. On-chain data showed reduced exchange outflows, signaling holder confidence despite macroeconomic uncertainties.
Chart analysts noted a bullish divergence between price and the Relative Strength Index (RSI) prior to the bounce. Breaking through the $2.30 resistance level triggered short-covering rallies, though late-day consolidation suggested profit-taking. The token’s correlation with Bitcoin’s upward trend provided additional momentum.
While XRP’s market cap swung nearly $4B intraday, sustained upside may require clearer regulatory guidance on Ripple’s ongoing SEC case. Traders are monitoring the $2.40 level as the next key test for continuation versus reversal patterns.
