XRP Reclaims $1.10 as Short Squeeze and Weak Jobs Data Converge; Senate Delay and Fed in Focus

XRP briefly touched $1.15 after a massive short squeeze and weak US jobs data triggered buying, breaking a months-long downtrend and flipping key resistance to support.

A perfect storm of forced short covering and fresh macroeconomic tailwinds sent XRP surging over the weekend, with the token briefly touching $1.1493 before settling around $1.09. The catalyst was twofold: a massive short-squeeze that saw aggressive buyers dominate perpetual swap markets for the first time since January, combined with weaker-than-expected US jobs data that revived risk appetite across crypto markets.

The move marked a sharp reversal from June's brutal sell-off. XRP had been trading just above its 52-week low of $1.01 as a broad market rout wiped 42.11% from its year-to-date value. But the weekend rally broke a months-long downtrend, flipping the $1.08–$1.10 resistance zone into tentative support. At Friday's close, the token was up 3.25% on the day and 4.24% for the week, though it remains deeply in the red on a monthly (-10.11%) and yearly basis.

Liquidations fuel the breakout

The explosion higher was powered by a cascading wave of short liquidations. Over 80% of all liquidations during the move hit bearish positions, forcing leveraged traders to cover and accelerating the climb toward $1.1493. Trading volume subsequently eased by roughly 12% but stayed robust at around $1.7 billion. The seven-day average of the taker-buy-sell ratio climbed above 1.0 for the first time in 2026 — a clear signal that aggressive buyers were in command.

That buying pressure has been reinforced by real economic news. The disappointing US jobs report lowered expectations for further rate hikes, sending investors back into risk assets like XRP. The SuperTrend indicator flipped to a buy signal, and the TD Sequential model flashed a possible macro reversal.

Network metrics hit new highs

Under the hood, XRP’s fundamentals are strengthening faster than the price suggests. The number of unique addresses on the XRP Ledger surpassed 8.3 million for the first time — a new ecosystem record. Over the past two weeks, active addresses jumped 72%, and nearly 5,000 new wallets were created in a single day late last week — the strongest wallet growth in three months.

Investors are also moving coins off exchanges in bulk. Exchange outflows surged from roughly 41 million XRP to around 123 million XRP in a matter of days — a threefold increase that points to deliberate accumulation and long-term storage. Meanwhile, the stablecoin RLUSD saw its share of on-chain transaction volume on the XRP Ledger climb to nearly 12%, up from below 1% just 18 months ago.

Institutional flows remain steady

Spot XRP ETFs have recorded net inflows for eight consecutive weeks, pulling in a total of about $1.48 billion since their launch. Over the weekend alone, these products gathered roughly $6.6 million. The institutional bid has been a steady pillar amid the recent price weakness, with large wallet addresses reaching record levels as whales bought the dip.

However, on-chain data also revealed some profit-taking. The coin-days destroyed metric spiked as long-dormant XRP was moved during the rally above $1.10, suggesting that some holders used the bounce to cash out gains.

Technical hurdles and legislative drag

XRP now faces a clear set of resistance levels. The first Fibonacci line at $1.18 is the immediate ceiling, with the 50-day moving average at $1.21 just above. Both have thwarted recent recovery attempts. The 200-day average sits even higher at $1.49. The relative strength index at 42.9 indicates neither overbought nor oversold conditions, leaving room for further upside — but a sustainable close above $1.18 would be needed to confirm a trend reversal.

Political uncertainty has added a layer of caution. The US Senate entered its summer recess on June 29, 2026, delaying a vote on the CLARITY Act — legislation that would formally classify XRP as a digital commodity. Originally expected by July 4, the vote is now pushed to late July or early August at the earliest. That delay injects short-term uncertainty just as the market regains its footing.

Looking ahead, all eyes will be on the Federal Reserve, which meets on July 28–29. A hawkish tone could renew selling pressure on crypto, while a more moderate outlook would likely give risk assets further room to run. For now, XRP is holding the freshly reclaimed $1.08–$1.10 support zone — a level that will be critical to defend in the coming sessions.