XRP's $1.19 Barrier Tests Institutional Buying Power

XRP's recovery from its recent low of $1.04 has encountered its first major hurdle, as the cryptocurrency trades near $1.14, below its 50-day moving average at $1.19.

On-chain data suggests that institutional-sized settlements or market-maker rebalancing may have driven the bounce, with estimated leverage staying low and spot buying dominating the move.

The Binance XRP Scarcity Index has climbed to its highest level since mid-2024, indicating a contraction in tradable supply on the largest exchange. This setup historically precedes localized, spot-driven recoveries.

However, the Ledger itself is quiet, with daily transaction counts hovering near 1.3 million, roughly 29% below the three-month baseline. A recovery in network volume would be needed to validate the exchange-level momentum and establish a firmer structural floor.