XRP Pullback Doesn’t Invalidate $6 Price Target, Say Chart Analysts

XRP Pauses After Breakout as ETF Momentum, Legislation Fuel Long-Term Bull Case

XRP’s recent breakout remains technically valid, though late-session selling on July 23 tested key support levels and signaled short-term fatigue. The asset traded between $3.46 and $3.57 in the past 24 hours, a 3% swing driven by strong institutional interest, ETF-related optimism, and ongoing U.S. crypto policy developments.

Buyers lifted XRP to an intraday high of $3.57 on above-average volume of 106.4 million, but momentum faded as profit-taking reversed gains back to $3.46. The reversal broke the $3.50 support zone, a level retested multiple times overnight, raising the prospect of short-term consolidation.

Market Drivers

• ETF Catalyst: ProShares’ launch of the first XRP futures ETF marked a major step toward broader institutional access.
• Regulatory Progress: Bipartisan movement on the GENIUS and CLARITY Acts in Congress continues to boost confidence in the long-term viability of digital asset markets.
• Chart Breakout: Last week’s breakout above $3.65 confirmed the completion of a six-year symmetrical triangle, supporting projections of a long-term move toward $6–$15.

Price Action Overview

The sharpest move occurred at 17:00 GMT on July 22, when XRP surged from $3.52 to $3.56 within the hour. Resistance at $3.56–$3.57 capped gains, with selling pressure building through the overnight session. By 07:49 GMT, volume spiked to 2.5 million as XRP slipped below the $3.50 line, confirming a short-term breakdown.

Technical Summary

• Daily range: $3.46–$3.57 (3.18%)
• Breakout move: $3.52 → $3.56 on 106.4M volume
• Support breached: $3.49–$3.51 zone failed
• Resistance active: $3.56–$3.57 holding firm
• Indicators: RSI remains neutral; MACD is rolling lower, indicating potential for further consolidation.

Market Outlook

Despite the pullback, analysts maintain a bullish long-term view, with the $3.50 level now a key battleground. ETF inflows, growing regulatory clarity, and a completed long-term pattern continue to underpin projections for a rally toward $6.00 and higher. For bulls, reclaiming and defending the $3.50 mark will be critical in the coming sessions.