XRP Stalls on Technical Rejection as Ripple EU Win Widens Market Access
XRP declined to $1.12 on Tuesday, underperforming a flat Bitcoin, primarily driven by a technical rejection at key resistance amidst Ripple’s widening access in the EU following its MiCA license.
Technical rejection at the $1.15 resistance level, where sellers capped a recent recovery attempt, forming a lower-high pattern on intraday charts. The token’s price attempted to push toward $1.1507 but was rejected, then slipped back, forming a lower intraday high.
The sharpest selling volume occurred near the session low of $1.1110, which was defended but failed to spark a sustained rebound. This indicates sellers are active at the same zone that has capped recent rallies.
The market structure weakened, confirming $1.14–$1.15 as a stubborn supply area. Buyers need significantly higher volume to break through, traders said.
A close above $1.15 with volume exceeding the 24-hour average of 1.81 billion would signal a breakout. The broader altcoin sector saw slight outflows, with the CMC Altcoin Season Index dipping 2.08% to 47.
Ripple securing a full MiCA license in the EU on July 6 failed to generate buying pressure, as analysts noted the license benefits Ripple’s business more than the XRP token in the short term.
XRP’s price action is currently decoupled from positive developments, trading more on technicals and broader market sentiment. Trading data shows XRP is consolidating between key support at $1.11 and resistance at $1.15. The next directional move hinges on which level breaks.
The monthly escrow release of 1 billion XRP on July 1 is a known, scheduled event and did not cause significant selling pressure, as most tokens are typically relocked.
The near-term bias is neutral to bearish below $1.15, but holding $1.11 keeps the recent weekly uptrend intact. The next catalysts are the outcome of the CLARITY Act legislation, which remains a pending regulatory catalyst, and sustained ETF inflows, which have been positive for nine consecutive weeks.
Ripple Dips Amidst Surge in XRPUSD Long Position on Bitfinex
Source: Original Article
