XRP has regained $1.27 after dropping toward $1.20 following the Binance security breach. The token now faces resistance at $1.32, while two proposed XRP Ledger lending amendments gather validator support.
XRP gained 2% over the past 24 hours as buyers returned after last week's cryptocurrency market sell-off. The rebound lifted the token back above $1.26, a level that briefly gave way after the $6.3 billion Binance security breach.
However, the rebound has not yet triggered a significant wave of short liquidations. That suggests XRP has not broken through the resistance levels needed to confirm a sustained bullish reversal.
XRP recovers from $1.20 after the Binance hack
The token dropped toward $1.20 after the Binance hack, a price area last visited on August 20. Daily trading volume rose nearly 30% to approximately $1.8 billion.
Macro conditions may also be helping. West Texas Intermediate crude fell below $100 per barrel for the first time since October 15, despite continuing tensions involving the United States and Iran. Lower oil prices can ease inflation concerns, which could reduce pressure on the Federal Reserve to raise borrowing costs in December.
Lending proposals gain validator support
Two proposed XRP Ledger amendments would add native lending. According to XRPScan data, the Single Asset Vault proposal (XLS-65) has about 60% validator approval, 20 percentage points below the 80% activation threshold.
The Lending Protocol (XLS-66) has approximately 54% support, which leaves it further from approval. Because the lending functionality would depend on the vaults, validators may be more inclined to back XLS-66 if XLS-65 gains enough support, though neither outcome is guaranteed.
XRP targets $1.32 resistance
On the four-hour chart, XRP's Relative Strength Index stands near 64. The next challenge is resistance at $1.32. A decisive breakout there could point to a more sustained recovery and a move toward $1.40.
A rejection at $1.32 could instead trigger a pullback toward $1.26. If that level fails, the next important support lies near $1.20, with potential demand zones around $1.14 and $1.08 below it.
Source: CoinJournal
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