XRP gives back breakout gains, slipping below $1.23 on heavy selling

XRP has pulled back below $1.23 after a brief surge, facing heavy selling pressure that raises concerns about the sustainability of its recent recovery.

XRP experienced a notable pullback today, giving back its recent breakout gains and sliding below the critical $1.23 level. Despite a brief surge past $1.25, heavy selling pressure reasserted itself, causing traders to rethink their positions. Could This Be the End of XRP's Recovery? Today, XRP traded between $1.2619 and $1.2205, ultimately experiencing a 3.3% drop over the 24-hour session. The price fell sharply, indicating that sellers capitalized on earlier gains to offload positions rather than adding to their holdings. This suggests a cautious sentiment among traders regarding the current market dynamics. What Technical Levels Are Traders Watching? The loss of the $1.22-$1.23 area is critical for traders. This zone had been a key focus after XRP's rally above $1.20 earlier this week. As of now, the immediate resistance is pegged at $1.223 , the level where the recent recovery attempt was rejected. Moving forward, if XRP fails to maintain support at $1.20, the risk of a deeper retracement toward $1.15 may loom. What Are the Recent Activity Trends for XRP? Despite today's pullback, XRP remains above the significant breakout zone of $1.20, preserving some semblance of the broader recovery. However, growing selling pressure indicates that the market is still digesting supply left behind by previous sell-offs. XRP's trading volume surged to 87.5 million during the decline, highlighting that sellers were more active than buyers. Why Are Traders Cautious Right Now? The recent performance of XRP highlights a precarious balancing act. The failed rebound near $1.223 reinforces a lower-high structure since the token was previously rejected near $1.25. Traders may be viewing this pullback as a profit-taking event rather than the beginning of a larger reversal; however, the situation remains fluid. What Else Is Impacting XRP's Market? Interestingly, XRP ETFs are witnessing a second consecutive week of inflows, attracting $10.68 million and lifting cumulative inflows to abou