XRP News Today: XRP Surges 2.6% to $2.46 on Volume Spike and Institutional Accumulation

XRP, the cryptocurrency associated with Ripple, experienced a significant bullish run during the July 9-10 session, gaining 2.6% and reaching an intraday peak of $2.46. This surge was driven by a breakout volume that pushed the price above the key $2.43 resistance level. However, late-session profit-taking led to a slight decline, with the price settling around $2.44.

The price action during this period was marked by volatility, ranging from a low of $2.351 to a high of $2.443, indicating a 3.85% fluctuation. The breakout was particularly notable as it was accompanied by a surge in volume to 78.3 million at 07:00 on July 10. This volume spike was a critical factor in pushing XRP above the $2.43 resistance level, although the rally lost momentum as sellers stepped in just below the $2.46 mark.

This bullish movement in XRP comes at a time when institutional accumulation of the cryptocurrency is at record highs. There are now 2,743 wallets holding over 1 million XRP each, totaling 47.32 billion coins. This significant accumulation suggests growing institutional confidence in XRP, potentially driven by anticipated regulatory clarity.

Ripple CEO Brad Garlinghouse's appearance before the U.S. Senate Banking Committee on July 9 also played a role in this bullish sentiment. Garlinghouse advocated for comprehensive crypto legislation and highlighted XRP's compliance in over 60 jurisdictions. This regulatory support is seen as a positive catalyst for XRP, as it could pave the way for broader adoption and integration into the financial system.

Technical analysis of the price action reveals that the $2.46 level acted as a resistance, triggering repeated rejections. The failure to reclaim this level post-breakout suggests short-term exhaustion. Support levels were established at $2.35–$2.36 early in the session, with $2.437 tested late on sell pressure. The breakout occurred at 07:00 with the price moving from $2.42 to $2.443 on 78.3 million volume, indicating strong buying interest.

However, the reversal seen in the final hour of trading, from 11:49 to 12:48, saw a 0.73% drop from $2.45 to $2.44 as profit-taking accelerated. Sell volume exceeded 1.9 million XRP during the 12:25–12:31 window, with the price slipping to a session low of $2.437. This indicates short-term distribution and consolidation pressure.

Traders are now watching for a clean breakout above the $2.46 level with volume to flip resistance and retest upper targets at $2.60–$2.75. Failure to hold the $2.437 support level may open the downside back to the $2.38–$2.35 support zone. The higher low structure remains intact, with the RSI near overbought but no bearish divergence on intraday charts. Progress on U.S. crypto legislation could serve as a macro catalyst, driving the next major leg up for XRP.