XRP Surpasses $3 on Institutional Demand, Ripple–BBVA Deal Spurs Optimism
XRP climbed above $3 during September 9–10, driven by strong institutional flows and renewed confidence following Ripple’s expanded partnership with BBVA under EU MiCA compliance. The collaboration signals growing potential for traditional banks to adopt blockchain-based settlement solutions.
Bulls held support near $2.99, but analysts caution that rising exchange reserves — now at 12-month highs — could limit sustained upside.
Market Highlights
- Ripple–BBVA Partnership: Introduces MiCA-compliant custody and settlement, bolstering prospects for European bank adoption.
- ETF Speculation: Traders in the U.S. anticipate October SEC decisions as potential catalysts for institutional inflows.
- Derivatives Positioning: Call-to-put ratios reached 3-to-1 between $2.90–$3.50 ahead of September 12 options expiry, reflecting bullish sentiment.
- Exchange Reserves: Elevated XRP balances suggest potential distribution pressure despite strong news.
Price Action & Technicals
- XRP rose from $2.97 to $3.02, marking an 8% gain, with intraday volume spikes of 4.36M and 3.44M units.
- Support consolidated at $2.94–$2.95 through repeated high-volume retests.
- Break above $3.00 confirmed a bullish continuation zone, with next resistance levels at $3.05–$3.10 (Fibonacci extension).
- Higher lows and the breakout from consolidation indicate strong institutional buying interest.
What Traders Are Watching
- Sustained daily closes above $3.00 to validate the breakout.
- October SEC ETF rulings as a potential structural catalyst.
- September 12 options expiry and possible volatility from call-heavy positioning.
- Impact of rising exchange reserves on potential selling pressure.
- Follow-through from Ripple–BBVA adoption as a signal of broader European banking integration of blockchain settlement.
