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XRP Price Defends “Flash Crash” Support with 5.5% Bounce, but Volume Lags
- XRP recovered by 5.5% after successfully defending the $1.77 support level following the October 10 crash.
- Institutional demand remains steady, despite prices lagging for 30 consecutive days of XRP ETF inflows.
- Technical analysts expect a breakout above $2.08 to confirm a bullish trend reversal.
XRP bulls successfully defended the critical $1.77 support level, triggering a 5.5% relief rally after retesting the lows set during the Crypto Flash crash on October 10.
The latest drop has reignited discussions of a possible trend reversal, despite cryptocurrency trading volumes remaining significantly low.
XRP Bullish Sentiment Rises 5.5%
As usually expected in key price regions, XRP bounced from the indicated support and rose approximately 5.5% within a few hours, according to TradingView data.
This single spike is the largest one-session gain for XRP in the last ten days, with the cryptocurrency yet to face significant resistance.
Meanwhile, TradingView data shows that at the time of writing, XRP was trading at $1.86, still within the key support zone despite rising buyer interest.
The lack of sharp spikes indicates no pressure on buyers.
However, the sustained presence of bullish candles on intraday charts suggests controlled accumulation rather than speculative chasing.
What Traders Expect from XRP
Gradual price increases usually indicate continued absorption by bulls, who may be taking positions.
This also reduces the risk of sudden deviations typically associated with sharp spikes and vertical pumps.
However, XRP’s behavior near the next resistance will provide a clearer signal regarding the sustainability of the recent rally.
It is worth noting that XRP’s price at the time of writing was below the first minor resistance at $1.94.
This price precedes more notable Fibonacci levels that XRP needs to overcome to confirm a return of bullish momentum.
The first Fibonacci resistance against XRP’s current movement is at $2.08, last tested on December 10.
While XRP optimists anticipate a continuation of the uptrend, the cryptocurrency must remain above $1.77 to maintain bullish sentiment.
Otherwise, a break below this support could open the way for further declines, potentially reaching the April 2025 low of $1.61.
See also: "Ethereum Price Forecast: Bets Drop Below $2,800 as Sellers Test Key EMA Resistance"
