Gate News update: After XRP’s attempt to break above $1.35 failed, it pulled back to around $1.31. The intraday decline is about 1.9%. Even though trading volume expanded during the fluctuations, the buyers were unable to sustain momentum. The price quickly reversed downward, indicating that sell pressure from above remains clear.
Market action shows that earlier in the session, XRP briefly approached the $1.35 key resistance level, but was then hit by a rapid sell-off. The increase in trading volume at high levels suggests that capital chose to distribute on the highs. In the late-session phase, the price briefly broke below $1.318 before stabilizing for now. Currently, the structure shows “lower highs,” and support is gradually weakening.
From a technical perspective, the core of this signal lies in a “failed breakout,” not just a simple pullback. A drop on heavier volume combined with declining liquidity makes the price more prone to amplified volatility. At the same time, open interest continues to rise while price falls, suggesting the market is accumulating short positions and that near-term sentiment is leaning defensive.
Changes in the liquidity environment are especially critical. Falling order-book depth means that once key price levels are breached, price swings could intensify. Current $1.35 has turned into a clear resistance level. Only by reclaiming and holding that level can the market structure have a chance to repair.
Looking below, $1.31 to $1.30 forms a short-term support zone. Once that breaks, the price may further test the $1.28 area. Against the backdrop of tight liquidity, the market may be more prone to an accelerated move, so traders should watch the breakout direction around key price levels.
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