$XRP trades at $1.1249 on July 7, down 1.70% and pulling back into the retest zone after last week’s trendline break, with the chart noting the breakout looks weak and $1.10 now the level bulls need to defend.
Is $XRP’s Trendline Breakout Holding Or Failing?
The daily chart shows $XRP in a retest of the descending trendline it broke above last week, with price now sitting back inside the retest zone annotated on the chart itself. The label is direct: “Retest zone — however, breakout looks weak.” That’s not a confirmed failure, but it puts the burden squarely on buyers to hold current levels. The prior breakout attempt in early June ended in a clean rejection at the same trendline before a move lower.
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The Parabolic SAR at $1.0176 remains below price, keeping the short-term structure technically bullish. But the 20-day EMA at $1.1182 is essentially at spot, and losing it would signal the recovery has stalled. Analyst EGRAG Crypto identifies $1.10 as the first line bulls must hold and $1.06 as the deeper tactical support where a bounce could set up a new long entry.
What Are The Key Support And Resistance Levels For $XRP Today?
- Support at $1.10 on the 4H structure, then $1.06 as the major retest zone
- Resistance at $1.1804 on the 50-day EMA, then $1.2823 on the 100-day
What Do $XRP Derivatives Reveal About This Pullback?
Volume jumped 40.17% to $2.49B while open interest fell 2.02% to $2.37B, volume up while OI drops, pointing to traders closing positions rather than adding new ones into the retest. Options volume surged 180.05% to $954.92K, the largest relative jump in the derivatives data, showing traders are aggressively using options to hedge or bet on the near-term resolution.
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Liquidations over 24 hours hit $6.81M with longs taking the majority at $4.78M against $2.03M for shorts. That long-side pain is consistent with a market that caught leveraged buyers off guard on the pullback, though the short side has not yet stepped in aggressively to press the move lower.
Why Did Ripple’s MiCA Authorization Matter For $XRP?
Ripple received full Crypto Asset Service Provider authorization from Luxembourg’s CSSF on July 6, completing its compliance under the EU’s MiCA framework and unlocking access to operate across all 30 European Economic Area countries with a single license. The authorization builds on an existing EU Electronic Money Institution license, bringing Ripple’s global regulatory portfolio to over 75 licenses.
MiCA’s final transition period only completed on July 1, and Ripple enters the post-transition era fully authorized while Binance missed the deadline after withdrawing its Greek license application. Only 280 firms out of more than 3,000 previously operating under national regimes have secured CASP authorization so far. Ripple joins Kraken, Coinbase, OKX and Crypto.com in the first wave of compliant operators, a position that gives it a clear runway for institutional sales across Europe before most competitors have even filed.
$XRP Price Prediction: Upside and Downside Targets
- Upside case: $XRP holds above $1.10, the retest proves successful, and price reclaims the 50-day EMA at $1.1804 on its way to $1.2823 as MiCA-driven European institutional demand builds.
- Downside case: The breakout fails at the retest zone, $1.06 becomes the next stop, and a loss of that level opens a path back toward the $1 floor.
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Source: Original Article
