XRP News Today: XRP Recovers 8% Weekly Amid Key Support Levels

XRP, the cryptocurrency developed by Ripple Labs, has experienced an 8% weekly gain, marking a significant recovery after a period of volatility. The cryptocurrency's price has shown resilience, particularly after a sharp sell-off that saw its value drop to $2.2. This level has become a critical point for XRP, as it will determine whether the cryptocurrency can sustain its upward momentum or face another sell-off.

Renowned analyst Peter Brandt has warned that XRP could record a major retrace if it falls below $1.8. According to Brandt, XRP’s weekly chart was on the verge of forming a bearish reverse head and shoulders pattern. A dip below $1.8 could be a warning sign, with the potential bearish target as low as $0.05, over 77% crash. However, XRP was trading at $2.1, meaning it was far from the $1.8 risk level flagged by Brandt.

On the other hand, Canary Capital’s double growth forecast contradicts the bearish prospect. In an April interview, Canary’s CEO, Steven McClurg, said, “There’s a few that we believe will outperform Bitcoin this year, such as XRP…I think most of these will double.” For perspective, XRP outperformed Bitcoin by over 400% in late last year. However, so far in 2025, XRP has lagged behind Bitcoin, dropping over 40% against the king coin.

Price action won’t have it easy. According to Glassnode’s Cost Basis data, $2.2 marks the average acquisition price for nearly 2 billion XRP. If holders choose to break even here, resistance could build fast. The next supply-heavy zone lies between $2.3–$2.4, where over 1 billion XRP were bought. XRP traded at $2.19 at press time, but there was no sign of an overheated market or sell-off despite massive supply around the level.

Despite the looming supply zones, profit-taking has eased dramatically. According to Glassnode, the rate of profit-taking from XRP hit around $151 million per day in mid-June. However, the sell-off has eased to $47M this week, nearly a 3x decline in pressure. This suggested XRP’s potential for extended recovery amid weak selling.

Brandt’s warning of a steep drop if $1.8 fails stands on one side, while Canary’s call for a breakout and potential double stands on the other. But in the middle stands $2.2. Whether this level breaks or holds could decide which prediction plays out first.