XRP Holds $3.05–$3.07 Range as Traders Anticipate Breakout
XRP is consolidating in a narrow $3.05–$3.07 range, with traders watching closely whether the token can maintain gains above $3.05 amid rising exchange reserves and ETF-related speculation.
On September 11, XRP climbed nearly 2%, closing near $3.05 after defending support at $2.98 and testing resistance around $3.07. Heavy institutional inflows drove volume to more than four times the daily average, signaling robust buying interest. Analysts note that while accumulation remains strong, high exchange inventories may introduce short-term distribution pressure.
Market Context
- Ripple expanded its partnership with Spanish bank BBVA to provide digital asset custody solutions under the EU’s MiCA framework, bolstering institutional credibility.
- Broader crypto markets were influenced by macro factors such as central bank rate expectations and trade policy developments.
- XRP futures open interest reached $8.36 billion, reflecting leveraged positioning ahead of potential ETF-related announcements.
- Whale wallets accumulated roughly 340 million XRP recently, while exchange inventories hit one-year highs, raising the potential for near-term selling pressure.
Price Action Highlights
- XRP moved from $2.98 to $3.05, a 1.85% gain within a $0.10 range.
- Peak buying occurred during the 12:00 session, when volume surged to 243.37 million—over four times the daily average—highlighting institutional demand.
- Resistance formed near $3.07 after multiple failed upside attempts, with profit-taking capping gains above $3.05.
- A late pullback saw XRP dip to $3.04, but it closed above this level, indicating ongoing accumulation.
Technical Analysis
- Support remains solid at $2.98, reinforced by strong intraday buying.
- Resistance sits between $3.05–$3.07, where repeated rejections occurred.
- A descending triangle between $3.00–$3.07 suggests an imminent breakout.
- Intraday RSI improvements point to growing buying momentum, though rising exchange inflows are a potential headwind.
Traders’ Watchpoints
- Sustained closes above $3.05 could trigger a test of $3.07 and open the path to $3.20.
- Rising exchange reserves, now at 12-month highs, may signal distribution risk if whale inflows slow.
- Ripple’s BBVA partnership under MiCA could accelerate institutional adoption and support price stability.
- Derivatives positioning shows a bullish tilt: call options outnumber puts 3-to-1, with strikes clustered between $3.00–$3.50 ahead of September 12 expiries.
- Macro factors, including central bank decisions and liquidity conditions, continue to drive capital allocation into large-cap crypto assets.
XRP remains range-bound but shows strong accumulation, with traders closely monitoring the $3.00–$3.07 corridor for a breakout that could determine the next directional move.
