Ripple (XRP) Price Rises 3% Amid Speculation on ETF Approvals
Ripple (XRP) Performance Overview
- XRP rose 3% on September 7, making it the second-best performer among the top 10 cryptocurrencies, following Dogecoin's 4% increase.
- Speculation around upcoming Cryptocurrency ETF reviews contributed to this rise as the SEC approaches a decision window on October 18.
- Trading volume for XRP declined by 10.3%, indicating that the price increase was driven by high-leverage speculation rather than spot market activity.
- XRP futures trading volume increased by 17%, with open interest rising by 3%, aligning with the price uptick.
- If speculative demand continues, XRP could outperform other altcoins amid critical ETF deadlines.
XRP Price Forecast
- XRP is consolidating around $2.88, with resistance at $3.07 and support at $2.70.
- A bullish breakout above $3.07 may target $3.20 and eventually $3.45 if ETF speculation intensifies.
- The bearish scenario includes risks of liquidation due to weakening spot demand, potentially dragging the price towards $2.50.
- Current RSI is positioned mid-range, suggesting range-bound trading below $3 until fresh catalysts arise.
Other Developments
- Interest in new token launches is increasing, particularly in SUBBD ($SUBBD), an AI-powered platform for content creators.
- SUBBD presale has raised $1.05 million of its $1.26 million target, priced at $0.05625.