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XRP has pulled back from this week’s gains, but analysts say the recovery structure remains intact as long as the coin defends key support at $1.20.
In a note shared with Benzinga, Shawn Young, Chief Analyst at MEXC Research, said XRP’s biggest headwind is “weak follow-through” across the broader cryptocurrency market. He added that inflows into spot exchange-traded funds are providing support.
Young also pointed to progress on the Clarity Act as a potential catalyst that could improve “institutional confidence” in XRP.
XRP surged to $1.28 earlier this week on reports of a U.S.–Iran peace deal, but it later pulled back and did not regain momentum after President Donald Trump formally signed the agreement on Wednesday.
Young emphasized that the next phase of recovery depends on whether buyers can defend the $1.20 area, saying: “A hold above $1.20 would keep the recovery structure intact.”
He added that bulls need to reclaim the $1.27 to $1.30 range. Until that happens, price action appears to be testing for seller exhaustion.
Kim said the main headwinds include recurring selling pressure, concerns about XRP entering circulation from escrow releases, and the slow pace at which real-world use typically catches up with market hype.
“XRP remains one of the more interesting large-cap crypto trades because the bull and bear cases are both pretty easy to make right now,” the analyst stated.
Coinglass data cited by the article indicated bullish sentiment in XRP’s derivatives market, with both retail and whale traders on Binance taking aggressive long positions.
Open interest in XRP futures has also risen 12% over the past week, suggesting heightened interest in trading the token’s price moves.
At the time of writing, XRP was trading at $1.17, down 3.35% over the last 24 hours, according to Benzinga Pro data. The token has lost more than 36% of its value year-to-date.
Ready Card users outside the European Economic Area have reportedly faced an abrupt service halt after a transition involving the card issuer disrupted the USDC spending product, according to user notices shared on X.
A notice shared…
