XRP News Today: XRP Faces $2.3 Resistance Amid Legal Challenges and Weak Retail Interest

XRP, the cryptocurrency associated with Ripple, has been facing significant resistance at the $2.3 level. Despite a surge in buying pressure over the past week, the bulls have struggled to breach this hurdle. The resistance level at $2.3 is close to the mid-range resistance level at $2.27, which XRP has been trading within since March. Technical analysis indicates that over 1 billion XRP tokens were moved off exchanges, signaling accumulation and potentially driving the next rally.

However, the legal challenges faced by Ripple have not helped XRP's breakout chances. The company is embroiled in legal disputes with Linqto, the Securities and Exchange Commission (SEC), and the Department of Justice (DoJ). These legal issues have added to the uncertainty surrounding XRP's price movements.

The weekly chart shows that XRP's overall swing structure remains bullish, with a higher low established at $1.61 following a strong rally in November. However, the internal market structure has turned bearish, with the $2.60 resistance zone consistently rejecting bullish attempts since March. The steady decline in trading volume since February further supports the notion that XRP is currently in a consolidation phase on the higher timeframe.

The daily chart highlights the significance of the $2.27–$2.32 supply zone, which has served as a major resistance level throughout June. The On-Balance Volume (OBV) trended downward during June, signaling weakening demand, but demand has picked up slightly over the past week. The Relative Strength Index (RSI) climbing above the neutral 50 mark suggests that bullish momentum is starting to build. Swing traders may consider going long if XRP successfully retests $2.32 as support.

Despite the improving price action, a decline in transaction activity points to fading interest from retail investors. The Network Value to Transactions (NVT) ratio also indicates low on-chain activity, reinforcing concerns about weak network usage. This lack of retail interest and on-chain activity could pose challenges for XRP's ability to overcome the $2.3 resistance level.

In summary, while there are signs of bullish momentum and accumulation, the legal challenges and weak network usage pose significant hurdles for XRP to clear the $2.3 resistance level. The outcome remains uncertain, and investors should closely monitor these factors as they navigate the volatile cryptocurrency market.