XRP faced four separate rejection attempts at the $2.92-$2.93 resistance level on July 16, primarily due to coordinated institutional selling that emerged during breakout attempts. These sell-offs occurred at 12:00, 13:00, 17:00, and 18:00 UTC, systematically capping upward momentum despite the cryptocurrency closing 1.8% higher at $2.89. The institutional resistance reflects profit-taking or hedging activity ahead of key events, particularly the impending ProShares XRP Futures ETF launch.
Counterbalancing this resistance, strong institutional support materialized near $2.85, where market makers and treasury desks accumulated tokens during 14:00 and 19:00 UTC windows. Volume during these accumulation periods exceeded the 24-hour average of 78.9 million, creating a foundation of higher lows. This institutional participation created a tight 4.08% trading range between $2.82 and $2.93, indicating controlled rebalancing rather than directional conviction.
The final hour saw a characteristic institutional “footprint” with a 0.69% price lift from $2.88 to $2.90, supported by 2+ million token volume bursts. This activity signals that while resistance persists at $2.93, the building higher lows and institutional accumulation create conditions for a potential breakout if selling pressure eases or new catalysts emerge.
