XRP has attracted buyers at $1.24 three times in just two days, and this makes the price level an important part of its current market structure.
On each occasion, buyers stepped in as XRP approached the level, absorbed the selling pressure, and pushed the price back up. These repeated reactions suggest that demand is strong around $1.24, as XRP faces pressure from the wider crypto market.
Well-known crypto analyst Marzell had identified $1.24 as a key support level before these recent tests. So far, the price action has supported this suggestion, as buyers continue to defend the zone each time XRP returns to it.
XRP Buyers Defend $1.24 After Major Market Sell-Off
The repeated buying around $1.24 is particularly noteworthy given the events behind XRP’s recent decline. The token dropped 4.2% in 24 hours after hackers drained $6.3 billion worth of multiple assets from Binance on Oct. 29.
The breach triggered widespread selling across the entire crypto market and led to fresh concerns about exchange security.
The sell-off affected several major cryptocurrencies. Bitcoin fell to a six-week low of $76,368, while Ethereum dropped more than 3% to a two-month low near $2,178.
Both assets eventually found some support as the market began to stabilize. Meanwhile, XRP also came under heavy pressure and briefly slipped below $1.24 during the sharp decline.
The market downturn also forced leveraged traders out of their positions. Long-position liquidations reached $16 million on Friday as falling prices caught traders on the wrong side of the market. However, buyers continued to return whenever XRP approached $1.24.
XRP Struggles to Break Above $1.27
While buyers have managed to defend $1.24, XRP has struggled to move above $1.27. Every recovery from support has faced selling pressure around this level, preventing the asset from making a stronger move higher.
This has left XRP trading between a price floor that buyers continue to defend and a ceiling that sellers have so far protected. The repeated movement between $1.24 and $1.27 has created a narrow trading range.
Traders often refer to this type of price action as a coil because the market continues to move within a tightening range before making a move in either direction. However, there is no clear indication yet whether the eventual breakout will favor buyers or sellers.
XRP also faces resistance from three major exponential moving averages (EMAs). The price currently trades below the 20-day ($1.32), 50-day ($1.35), and 100-day ($1.32) EMAs. This adds to the selling pressure that buyers must overcome before XRP can establish a sustained recovery.
For this reason, breaking above $1.27 would be an important step toward improving the short-term outlook. However, a brief move above the level would not be enough to confirm a breakout. Buyers would need to push XRP above $1.27, secure a close beyond it, and keep the price above that level.
XRP Could Target $1.30 or Drop Toward $1.18
According to Marzell, a confirmed break above $1.27 could send XRP toward $1.30. The analyst said $1.30 is an important expansion area, suggesting that a sustained move above the current resistance could give XRP room to advance further.
Developments surrounding the Binance breach could also help improve market sentiment. Binance pledged to cover all losses resulting from the incident and temporarily suspended deposits and withdrawals while carrying out security checks. The exchange has also frozen approximately $3 billion in stolen assets.
However, XRP could face another decline if buyers fail to defend $1.24. A breakdown below this support would put $1.20 in focus. This level represents the next liquidity pool, where buy orders are likely concentrated. If XRP also loses $1.20, the decline could extend toward $1.18, which marks the potential flush target.