Is XRP Ready to Break Out or Just Trapping Traders?

XRP is trying to recover from its late June lows, but the road ahead is anything but clear. While short term sentiment has improved, the asset is currently stuck under a major technical ceiling. Traders are watching to see if buyers can push through a dense cluster of overhead supply that has kept the price pinned down for weeks.

On the daily chart, XRP is still moving inside a long term descending channel. The real test lies between $1.24 and $1.29. This zone is critical because it lines up with the 100 day moving average and the top of the price channel. If the price fails to break through this area, the existing downtrend will likely remain in control.

Looking at the 4 hour chart, there is some optimism. XRP has managed to move above a trendline that suppressed price action throughout July. However, the asset is currently consolidating just below resistance at $1.18. A clean move above this level could open the door for a retest of the higher daily resistance zones.

For now, the $1.02 to $1.05 range remains the main safety net for bulls. If the price slips below that support, the momentum will likely shift back to the bears. Investors are keeping a close eye on these levels to see if the recent recovery has the strength to sustain a longer rally.