XRP's Bumpy Recovery Hits Resistance at $1.60 Wall

XRP has been experiencing a sharp rebound in September, gaining 22.4% from its low of $1.25 on September 16.

This recovery is notable, especially considering the broader crypto market's performance. The S&P 500 Crypto Index hovered near 5.2%, its highest level since 2007, while other assets like Bitcoin and Ethereum saw losses.

The XRP rebound is largely driven by spot ETF inflows, which accelerated late in the week to $38.06 million over two trading days. This influx of capital has pushed the token above $1.56 but still below its key resistance at $1.60.

A significant challenge for XRP lies in the wall of overhead supply created by August buyers who entered the market between $1.55 and $1.70, only to see their positions underwater since then. These sellers are now waiting to exit at breakeven, creating a ceiling around the $1.60 level.