Ripple [XRP] The bullish sentiment returned under improved institutional and regulatory sentiment, causing the market to enter a new resistance level.
The earlier consolidation between $1.30 – $1.45 already showed cautious positioning following previous rejection phases that weakened the upward continuation.
The structure became even stronger once XRP briefly surpassed the important $1.54 region of resistance during high-volume trading.
The volume ranged frequently between $2.3 and $4.3 billion, indicating aggressive positioning at key levels.
As the price of $1.40 fell, new lows began to form above this support group, indicating that buyers were still in control despite the declining short-term trend.
The repeated rejections near $1.54 may also reflect persistent supply of earlier distribution phases. The momentum towards $1.70 could increase if a sustained break out occurs, but failure to do so may result in broader range-bound markets.
As momentum surges, network activity increases.
The XRP Ledger was also impacted by the breakout as momentum increased and broader network participation grew.
A previous resistance around $1.50 has repeatedly hindered the continuation of an upward movement, while a cautious attitude suppressed greater transactional growth.
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Source: ambcrypto.com
