XRP experienced a notable uptick of 2.1% in the 24-hour trading period from September 28 at 21:00 to September 29 at 20:00, rising from $2.84 to close at $2.90. During this time, the cryptocurrency traded within a narrow corridor of $0.10, representing a volatility rate of 3.47% from its opening price.
The market dynamics have been influenced by significant movements from institutional investors, with large-scale addresses holding between 10 million to 100 million XRP tokens accumulating over 120 million coins in just three days. This accumulation suggests an increased confidence in XRP as it approaches a critical regulatory period.
Currently, seven applications for XRP spot ETFs await review by the U.S. Securities and Exchange Commission (SEC). Among them, Grayscale’s application is scheduled for review on October 18, followed by additional submissions culminating by mid-November. This regulatory window is seen as a pivotal moment that could dramatically affect market sentiment and XRP’s market flow.
Analysts emphasize that the potential approval of these ETFs could serve as a catalyst for broader institutional adoption, significantly boosting corporate portfolio exposure to XRP. Market dynamics have already shown signs of positivity, attributed to the anticipation surrounding these developments.
During the observed period, XRP’s price displayed fluctuations, dipping to a low of $2.84 and reaching a peak of $2.93. However, selling pressure emerged around the $2.93 mark, particularly evident during the trading session on September 29 at 14:00. The most substantial upward momentum within the time frame was recorded around 02:00 and 07:00 GMT on September 29, with trading volumes surpassing 97 million units—well above the daily average of 57.4 million. This surge indicates robust institutional participation during these phases of price elevation.
As trading progressed, XRP’s price increased slightly from $2.88 to $2.90, yielding a late-session gain of 0.7%. This upward movement was supported by a volume spike of 4.8 million units, solidifying a breach above the $2.90 psychological resistance point, with the session concluding near $2.9045.
From a technical perspective, XRP faces notable resistance between the levels of $2.92 and $2.93, where the price has previously stalled under increased trading volume. A breakthrough above this range, accompanied by further participation, would likely be needed for continued upward momentum. Meanwhile, significant support has established itself between $2.85 and $2.86, with consistent buyer interest noted during price retracements. The repeated defense of this support suggests that it may serve as a critical accumulation point for traders.
The $2.90 level has emerged as a key pivot point for XRP in the short term. After reclaiming this mark, it remains to be seen whether XRP can maintain this level as a solid support base heading into the weekend.
Traders are currently focused on several key indicators:
- Maintaining closes above $2.90 to confirm further progress towards the $3.00 mark.
- The SEC’s ETF review window, especially the upcoming Grayscale decision on October 18, which could act as a major catalyst for institutional investment.
- Activity among large holders, with the recent accumulation of 120 million tokens hinting at potential upward price movement if this trend persists.
- Overall macroeconomic factors, including fluctuations in Treasury yields and signals from the Federal Reserve, influencing risk appetites in both traditional equities and digital assets.
