"The breakdown looked obvious, and short sellers positioned for $1.50 as retail traders who held through December finally sold at $1.77-$1.85 "before it got worse." The chart setup and market sentiment all pointed down but the bears got the breakdown predictions all wrong as none of that happened. Instead, the $1.77 support held, XRP ETF demand accelerated, and exchange inflows reversed-igniting XRP's rapid resurgence above $2."
"December's late-month price action had the bears gearing for a breakdown. XRP slid from $1.89 to $1.85 on December 29, breaking the $1.88 support. Volume spiked 77% above the 24-hour average, confirming genuine selling pressure. Technical indicators also flashed red-the MACD turned negative, RSI neared 36, and moving averages stacked bearishly. The next logical target was $1.77-$1.80. If that failed, the path to $1.50 would open quickly."
XRP fell to $1.85 on December 29 after breaking $1.88 support amid a 77% volume spike and exchange inflows reaching 116 million XRP per day. Technical indicators turned bearish, setting $1.77 and $1.50 as expected targets. Selling paused at $1.77 on December 30 as buyers entered, leading to consolidation and a reversal. Institutional demand through XRP ETFs accelerated while exchange inflows reversed, lifting XRP above $2 and through $2.12 on strong volume. The price extended to $2.38 and trades near $2.35, up roughly 30% since January 1.
Read at 24/7 Wall St.
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