AI Summary
XRP has regained the critical $2 level, reflecting renewed interest with a notable increase in futures volume. This trend suggests that ongoing institutional engagement could push XRP to surpass resistance levels.
Key points
XRP recovers from a low of $1.91 to regain the psychological support level of $2.
Futures trading volume reaches nearly $3.96 billion, led by Binance, Bybit, and OKX.
Institutional demand is growing amid rising interest in ETFs in Canada and the United States.
Traders are eyeing the $2.14 resistance as XRP shows signs of renewed bullish momentum.
XRP has recovered from a sharp sell-off, regaining the critical price level of $2.00 after dropping to a 24-hour low of $1.91, indicating renewed investor interest with increased futures trading and gaining ETF momentum.
XRP futures volume is significantly rising amid the recovery
The recovery coincided with a dramatic rise in XRP futures volume, reaching $3.96 billion across major exchanges. Binance accounted for the largest share at 30.58%, followed by other centralized exchanges, indicating that institutional traders are re-entering the market after the recent decline.
Technical indicators suggest a V-shaped recovery, with buying interest accelerating between $1.913 and $2.04. The $2.00 level remains a critical pivot area, with resistance at $2.020 and support at $1.989, bolstered by high trading volume.
ETF momentum boosts sentiment
The price movement comes as ETF-related news adds bullish sentiment in the market:
In Canada, both 3iQ and Purpose Investments launched ETFs for XRP on the Toronto Stock Exchange, making XRP more accessible to traditional investors.
In the United States, the Securities and Exchange Commission has opened a comment period on the proposed ETF from Franklin Templeton for XRP, indicating a potential regulatory softening.
These developments could pave the way for greater institutional participation in XRP, similar to the effects seen with Bitcoin and Ethereum ETF funds.
Price movement summary
24-hour range: $1.912 – $2.040 (volatility of 6.5%)
Resistance: $2.020 (supported by volume)
Support: $1.989 (recent rebound area)
Key level: $2.000 psychological point
Pattern: V-shaped recovery with shrinking volatility
Can XRP break $2.14?
Market watchers are now focused on whether XRP can maintain momentum to challenge the $2.14 resistance, which has previously constrained upward attempts. Localization around the $2 level, coupled with increased derivatives interest, suggests the market may be preparing for a potential breakout if overall support and ETF interest persist.