XRP Rebounds Above $3.00 as Traders Target $4.00 Breakout
XRP Market Update
- XRP rebounded above $3.00 in early Sunday Asia trade, recovering from a drop to $2.95.
- The recovery was driven by bargain hunters and whales, with the $3.10–$3.30 range now seen as a key area.
- Potential breakout targets are set at $4.00–$4.20.
Key Factors
- Seven XRP ETF filings remain active, with October decisions considered crucial for Q4 prices.
- SBI, Ripple’s partner in Japan, expanded its XRP lending program, enhancing institutional narratives.
- Despite market volatility, XRP wallet inflows exceeded 160 million tokens recently.
Price Action Summary
- XRP faced resistance at $3.03 on October 4.
- A drop to $2.95 occurred with a volume surge to 122M, three times the average.
- The token stabilized between $2.96–$2.97 before recovering over $3.00 by Sunday morning.
- Traders are focusing on $3.30 as the next resistance level, with $4.00+ as a potential breakout target.
Technical Analysis
- Support is established at $2.95–$3.00 due to high-volume accumulation.
- Short-term resistance is at $3.03, with $3.30 identified as a breakout zone.
- An inverse head-and-shoulders pattern suggests a potential rise to $4.20–$4.80 if $3.30 clears.
- Strong rotation indicated by flushout volumes of 122M; renewed whale activity noted in Asian hours.
- RSI in the mid-50s shows a neutral-to-bullish bias; MACD nearing a bullish crossover.
Considerations for Traders
- Ability of XRP to maintain closes above $3.00 and aim for $3.30–$3.50.
- Impact of SEC's October 18 ETF decision on altcoin ETFs.
- Whale wallet flows and changes in on-exchange reserves as key positioning factors.
- Influence of the Fed's policy stance and Asian liquidity on risk appetite.