XRP Hits $3 Amid $950M Sell Pressure; Bulls Eye $4 Break
XRP surged above $3.00, benefiting from Bitcoin’s rally to new highs, but faces potential resistance as 320 million XRP ($950M) moved onto exchanges, challenging buyers' resolve.
- Momentum from Bitcoin’s rise above $125K supports large-cap altcoins like XRP.
- Seven spot XRP ETF filings await October decisions, potentially impacting Q4, along with Ripple's U.S. OCC banking license application that could enhance institutional services.
- Increased accumulation by whale-linked wallets around $2.95–$3.00 noted in Asia hours.
$3.10–$3.30 Resistance; Potential Break to $4.00–$4.20
- XRP maintains a bullish structure, forming a base at $2.95–$3.00 with supportive technical indicators.
- A daily close above $3.12–$3.30 could initiate a breakout, with targets at $3.38 to $3.67 and possibly $4.00–$4.20 if momentum continues.
- RSI at 54 and a pending MACD bullish cross suggest further upside potential.
- Derivatives indicate growing participation with open interest up 4% to $8.9B.
Supply Pressure Challenge
- Exchange balances increased from 3.45 billion to 3.85 billion XRP, indicating potential selling pressure.
- Bulls need to defend key levels at $3.00 / $2.93 to avoid decline towards $2.85–$2.75.
- A strong defense and absorption of offers at $3.10–$3.30 could trigger upward trend flows.