XRP's Rally Stalls Below Key $1.60 Level Despite Strong Weekly Gain
XRP rose 15.8% over the week ending September 23, trading at $1.51 on September 24. The cryptocurrency twice climbed above $1.60 but closed below it each time, indicating strong resistance. Traders' sell orders at round numbers and weak spot ETF inflows are capping further upside.
The resistance at $1.60 reflects sell orders from traders who entered during XRP's August surge to $1.70. These holders, plus investors still underwater from purchases above $2.75, use each rally as an exit opportunity. Intraday peaks followed by lower closes show supply consistently overwhelms demand at that price zone.
Institutional interest has also cooled. Weekly inflows into U.S. spot XRP ETFs fell to $10–19 million in September, far below the $28 million recorded on a single August day. While XRP outperformed Bitcoin and Ethereum for the week, its monthly gain of just 0.4% and 14% year-to-date decline indicate the rally remains fragile.
The stalled rally could affect retail investors who bought near $1.60, potentially facing extended losses if resistance holds. ETF holders may see reduced returns as institutional inflows weaken. However, the broader crypto market's positive weekly performance suggests XRP's struggles stem partly from its own supply dynamics rather than sector-wide weakness. Traders relying on round-number levels may find their strategies validated, while long-term holders above $2.75 face a prolonged wait for recovery.