XRP Tops $3 Amid Strong Institutional Flows, Eyes $3.60
XRP climbed past the $3.00 mark in a high-volume session, fueled by institutional buying. Over 24 hours, the token rose from $2.96 to $2.99, with midday volumes surging six times above the daily average. Bulls defended support near $2.98, signaling accumulation and the potential for a push toward higher price levels.
Market Overview
- Midday trading on September 10 saw volumes hit 116.7M and 119M, compared to the 48.3M daily average.
- Futures open interest reached $7.94B, highlighting strong derivatives activity alongside spot market demand.
- Technical setups indicate a descending triangle breakout, with potential upside toward $3.60 if momentum persists.
- Broader risk sentiment remains tied to Federal Reserve expectations, with rate-cut bets supporting flows into large-cap crypto assets.
Price Action
- XRP advanced from $2.96 to $2.99 in the September 9–10 trading session.
- Midday breakout briefly reached $3.02 on 119M volume, setting short-term resistance.
- Late-session selling brought the token back to $2.98, but buyers quickly reasserted support.
- Volume spikes confirm institutional accumulation at key levels.
Technical Insights
- Resistance: $3.02 remains a key ceiling.
- Support: $2.98–$2.99 defended on multiple retests.
- Volume: Breakout volumes six times higher than daily average confirm strong buying interest.
- Structure: Higher lows indicate sustained accumulation.
- Targets: Fibonacci extensions suggest upside potential toward $3.60.
Key Considerations
- Closing above $3.00 could flip resistance into support and validate the breakout.
- Watching $3.02 for potential extension to $3.20–$3.60.
- Futures open interest at $7.94B may amplify volatility.
- Macro drivers such as the Federal Reserve’s policy decisions and dollar liquidity outlook remain crucial.
