XRP Tops $3 as ETF Speculation and SBI Lending Expansion Boost Institutional Demand
Seven XRP ETF applications remain pending before the SEC, with initial decisions due Oct. 18.
XRP advanced above the $3.00 mark on Thursday, extending its recent rebound as institutional buyers increased exposure amid rising trading volumes. The rally came as Japan’s SBI Holdings launched expanded institutional XRP lending services, signaling deeper integration of crypto within Japan’s financial sector, while U.S. ETF anticipation added momentum.
Despite strong upside, resistance emerged near $3.10, capping the day’s advance after a surge in trading activity confirmed short-term support around $2.99.
Market Context
Between Oct. 2 (04:00 UTC) and Oct. 3 (03:00 UTC), XRP climbed 3%, from $2.98 to $3.03, supported by heavy institutional participation.
The move followed SBI’s latest lending initiative, which reinforced confidence in the asset’s institutional use case. Meanwhile, Ripple CTO David Schwartz’s announced departure after 13 years drew attention to leadership changes as the firm enters a new regulatory phase.
All eyes now turn to the SEC’s ongoing review of seven XRP ETF filings, with the first rulings expected Oct. 18. Prediction markets now assign over 99% probability of approval, a sentiment fueling speculative inflows into XRP markets.
Price Action Recap
- XRP traded between $2.95–$3.10, a 4.9% range over the session.
- A 16:00 UTC surge saw prices jump from $3.00 to $3.06 on 212.6M XRP, over twice the daily average volume.
- Resistance formed at $3.10, where $129M in turnover curtailed further upside.
- The token consolidated in a tight $3.00–$3.05 band, suggesting accumulation above key support.
- In late trading, XRP eased slightly from $3.03 to $3.02, with a 2.35M XRP spike at 03:55 UTC hinting at institutional rebalancing.
Technical View
Support is well-established near $2.99–$3.00, with repeated defenses at that level.
Resistance at $3.10 continues to act as the primary short-term ceiling. A decisive close above that mark would confirm renewed momentum, potentially targeting $3.20 in the next leg higher.
The combination of volume-backed breakouts, strong institutional flows, and ETF-related catalysts positions XRP for continued volatility into mid-October.
Key Themes Traders Are Watching
- Sustained closes above $3.00 and breakout potential beyond $3.10.
- Institutional positioning ahead of the Oct. 18 SEC ETF review window.
- SBI lending activity and liquidity impacts across Asian markets.
- Correlation with broader altcoin rotation trends tracked by the CD20 Index.
