XRP Smashes Through $2.46 Resistance — Is This the Start of a New Rally?

XRP just punched through a critical resistance level at $2.46—fueled by a blistering bullish run. Traders are now eyeing confirmation above this threshold for the next leg up.

Will the momentum hold, or is this another fakeout to lure in overeager bulls? Only time will tell—but for now, the charts are screaming buy signals.

Meanwhile, Wall Street still can’t decide if crypto is ‘digital gold’ or a speculative casino. Some things never change.

News Background

• Ripple CEO Brad Garlinghouse appeared before the U.S. Senate Banking Committee on July 9, advocating for comprehensive crypto legislation and citing XRP’s regulatory compliance in over 60 jurisdictions.
• This comes as institutional accumulation in XRP hits record highs — with 2,743 wallets now holding over 1 million XRP each, totaling 47.32B coins.
• Daily volume surged 74% to $4.54B, signaling renewed confidence tied to anticipated regulatory clarity.

Price Action Summary

• XRP rose 2.6% from $2.38 to $2.44 during the 23-hour session from July 9 13:00 to July 10 12:00.
• Breakout occurred at 07:00 July 10 as price breached $2.43 resistance with volume spiking to 78.3M.
• Intraday high of $2.46 met with immediate rejection, capping upside momentum.
• Final hour of trading (11:49–12:48) saw a 0.73% drop from $2.45 to $2.44 as profit-taking accelerated.
• Sell volume exceeded 1.9M XRP during the 12:25–12:31 window, with price slipping to a session low of $2.437.

Technical Analysis

• Range: $0.092 or 3.85%, between $2.351 low and $2.443 high.
• Resistance: $2.46 level triggered repeated rejections; failure to reclaim post-breakout suggests short-term exhaustion.
• Support: $2.35–$2.36 base formed early in session; $2.437 tested late on sell pressure.
• Breakout: Occurred at 07:00 with price moving from $2.42 to $2.443 on 78.3M volume.
• Reversal: 11:49–12:48 saw $2.45 break with heavy volume — indicating short-term distribution and consolidation pressure.
• Volume: Above-average flow sustained throughout session; 62.2M 24H average vs. 74% surge to $4.54B in value traded.

What Traders Are Watching

• A clean breakout above $2.46 with volume is needed to flip resistance and retest upper targets at $2.60–$2.75.
• Failing to hold $2.437 may open downside back to $2.38–$2.35 support zone.
• Higher low structure remains intact; RSI near overbought but no bearish divergence on intraday charts.
• Macro catalyst: Progress on U.S. crypto legislation could drive next major leg up.

( Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.)