XRP Price Analysis: Ripple Clean Technical Break Repositions Bulls for $2.80 Push

XRP experienced a significant price increase of 3%, reaching $2.68, as it broke above the critical resistance level of $2.63 with notable trading volume, marking one of the largest spikes of the month. This breakout is attributed to growing institutional interest, with fund managers reporting substantial inflows into XRP exposure vehicles. It also coincides with anticipated regulatory developments, particularly concerning ETFs, potentially enhancing demand. Traders are focusing on the newly established support range of $2.61-$2.63 and the ability to maintain this level. Furthermore, a high trading volume of approximately 106.5 million units during the breakout suggests strong institutional accumulation. The price action indicates that buyers are defending their positions, and momentum indicators remain favorable. Observations from traders highlight that sustaining support at $2.63 is crucial for validating the breakout while elevated volume could further push the price toward the resistance levels of $2.70-$2.75. Conversely, a closure below $2.61 may reverse the breakout and push XRP back into its previous consolidation phase.

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