XRP gave back more of last week’s rally on Wednesday after sellers pushed the token through support at $1.15, a level traders had been eyeing since the recent move above $1.20.
The drop occurred due to one of the highest volumes of the session and followed another rejection below the descending trend line that has limited all recovery attempts for months.
News background
• XRP remains caught between rising expectations over US crypto legislation and a market that continues to prioritize technical levels over narrative.
• Traders are also watching the year-long symmetrical triangle that has compressed price action between support near $1.10 and resistance around $1.25.
Price Action Summary
• XRP fell from $1.1873 to $1.1465 during the 24-hour session, losing 3.4%.
• The strongest selling occurred around 15:00 UTC when volume increased to 134.2 million XRP, about 170% above average, breaking support at $1.1550.
• Buyers emerged near $1.13 and helped XRP reach back to $1.15 by the close, although the bounce failed to regain broken support.
Technical analysis
• The key event was the loss of $1.15. That level had acted as support after last week’s breakout and is now at risk of becoming resistance.
