XRP slid 4% on Wednesday, slipping below the $1.20 mark after a rally attempt ran out of steam near a key resistance level. The cryptocurrency, which had been building upward momentum in recent days, hit a wall and reversed sharply.
Resistance stops the breakout
The move lower came after XRP failed to push through a price zone that traders had been watching closely. Selling pressure intensified once the rally stalled, and the decline accelerated, pushing the token through a support level that had previously held.
Heavy volume accompanied the drop, suggesting more than just a routine pullback. Some market participants took profits, while others likely reacted to the failed breakout by closing long positions.
Buyers step in above $1.17
Just as the sell-off looked like it could turn into a rout, fresh demand emerged. Buyers stepped in above $1.17, preventing a deeper slide. That area had been a prior support zone, and its ability to hold again gave the market a temporary floor.
Whether that support will hold in the coming sessions is unclear. The bounce from $1.17 was modest, and XRP remains under pressure below the $1.20 level. The token was trading near $1.18 at the time of writing, still down roughly 3.5% on the day.
What traders are watching now
Attention now turns to whether XRP can reclaim $1.20, or if sellers will take another run at the $1.17 support. A break below that level could open the door to a test of lower price zones.
The failed breakout has reset the short-term outlook. For now, the token is in a waiting game — caught between the support that held and the resistance that rejected it.
