coindesk.com
XRP showed signs of consolidation over the past 24 hours as the cryptocurrency pulled back slightly from recent highs, shedding 1.07% amid ongoing global economic uncertainty.
Despite the dip, price action remains constructive with higher lows forming above $2.20 — a level that has emerged as key short-term support.
While macro headwinds continue to pressure digital assets broadly, XRP’s bullish structure and rising institutional narrative, including Ripple’s U.S. bank license application and ETF speculation, are keeping long-term sentiment intact.
News Background
- The cryptocurrency market remains on edge as geopolitical and trade tensions between major economies continue to cloud investor confidence.
- However, XRP’s long-term outlook is bolstered by Ripple’s ongoing push for regulatory clarity and deeper financial integration.
- The firm’s recent application for a U.S. national banking license with the OCC, alongside a separate bid for a Federal Reserve master account, could unlock direct access to the Fed’s payment systems — a groundbreaking development for a crypto-native firm.
- Analysts also point to structural bullish signals, with XRP forming higher highs and higher lows across multiple timeframes.
- Momentum could further accelerate if Ripple secures ETF approval or regulatory breakthroughs, particularly as XRP is increasingly eyed for CBDC bridge infrastructure by more than 50 countries.
- A potential move to $10 — or even higher — is being discussed by market observers, contingent on sustained institutional adoption and market alignment.
Technical Analysis
• XRP experienced a notable downtrend over the last 24 hours from 4 July 03:00 to 5 July 02:00, declining from $2.243 to $2.219, representing a 1.07% decrease with a trading range of $0.052 (2.32%).
• The asset encountered strong selling pressure during the 07:00 and 14:00 hours, with volume spikes exceeding 56 million units, establishing key support at $2.209 where buyers consistently emerged.
• A temporary recovery attempt occurred between 21:00-22:00 with price climbing to $2.230 on above-average volume, but momentum failed to sustain, suggesting continued bearish sentiment.
• In the last 60 minutes from 5 July 01:06 to 02:05, XRP experienced a notable decline of 0.35%, dropping from $2.225 to $2.217.
• A significant sell-off occurred at 01:12 where price fell to $2.221 on volume exceeding 418,000 units.
• The asset found temporary support at $2.216 around 01:29 before staging a recovery attempt at 01:59 with the highest volume spike of nearly 249,000 units, pushing price to $2.219.