XRP price prediction: Weakness builds below $3.10 as bulls defend key support
XRP is trading around $3.03 as of July 24, down over 4.5 percent in the last 24 hours after sharply rejecting the $3.56 level. The pullback follows a classic equal high (EQH) liquidity sweep, a pattern often targeted by institutional players to trigger profit-taking and wipe out leveraged long positions.
Highlights
- XRP price falls to $3.03 after a sharp reversal from the $3.56 equal high resistance
- 24-hour liquidations surpass $113 million amid declining open interest and profit-taking
- EMA support near $2.99–$2.65 becomes critical zone for bulls to retain control
This move raises questions about short-term bullish momentum, despite a recent higher-timeframe break of structure (BOS) above $2.80. Price action now faces a key test near dynamic support zones, with the 20-day EMA at $2.99 and the 50-day EMA near $2.65 providing immediate downside buffers.
XRP price dynamics (Source: TradingView)
These levels were instrumental in supporting XRP’s early July rally. A failure to hold these supports could expose the asset to a deeper retracement toward the $2.25–$2.46 range, which aligns with prior inefficiency zones.
Derivatives data signal reduced conviction
The derivatives market reflects a cooling sentiment. While trading volume surged over 134 percent to nearly $31 billion, open interest declined by 15.26 percent to $9.13 billion. This divergence suggests that traders are closing leveraged positions, likely in response to the EQH rejection. Notably, open interest had peaked above $10.5 billion just before the pullback, highlighting the speculative nature of the recent rally.
Binance’s long/short ratios remain bullish between 2.63 and 3.26, though the funding environment has normalized, indicating a reduction in aggressive positioning. Options activity also rose 90.79 percent, suggesting heightened volatility expectations ahead. The $113 million in 24-hour liquidations further confirms that late entrants were squeezed as the rally unwound.
What to watch next for XRP
A decisive close above $3.20 is needed to restore momentum and open the door for a retest of the $3.56–$3.75 liquidity zone. Otherwise, a breakdown below $2.65 would place further pressure on bulls, risking a deeper slide into prior demand zones.
In previous updates, we noted that XRP’s bullish shift depended on sustaining structure above $2.80. While that threshold remains intact, the current rejection underlines the need for cautious positioning until price stabilizes above support.
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