XRP rebounded after hitting a low in late May, with increased buying volume pushing the price back above $1.30. However, this rebound has not yet reversed the overall weakness, and the price remains below the resistance zone that has repeatedly suppressed rallies this year.

Increased buying volume drives the rebound

Over the past 24 hours, XRP rose from $1.2959 to $1.3060, having rebounded from around $1.2693 during the session. At 2:00 PM UTC on May 28th, trading volume surged to approximately 107.9 million XRP, driving the price above resistance near $1.29.

However, the upward momentum weakened after the initial surge, and the price subsequently returned to the $1.30 to $1.32 range for consolidation. This rebound ended the previous downward trend and also indicated the return of buying support at the lower end of the range.

Active traders are still in paper losses.

On-chain data shows that the average active trader is currently in a state of unrealized loss at approximately 47%, reflecting that market sentiment remains weak. Even with a short-term price rebound, the pressure from open positions has not eased significantly.

Analysts have differing opinions on the market's future trajectory. Some believe the current extremely weak sentiment is similar to some historical local bottoming phases; others believe the market may first experience further declines before finding more solid support.

$1.30 becomes short-term support

Structurally, XRP has broken free from its continuous new lows and formed a series of higher lows, but resistance above remains significant. The market is currently focused on whether $1.30 can hold.

If prices remain above this level, the rebound could continue. Nearest resistance is concentrated between $1.32 and $1.34, with stronger resistance around $1.40. A break below $1.30 could shift the downside risk back to the $1.20 area.