XRP Rises 3% Amid SBI Lending Expansion and ETF Speculation
XRP Price Movement
- XRP rose above $3.00, peaking at $3.10 amid increased institutional activity and volume.
- Support level established near $2.99, with resistance at $3.10.
- The price fluctuated within a 4.9% range ($2.95 to $3.10).
- During a significant spike, the price jumped from $3.00 to $3.06 on 212.6M tokens traded.
- XRP consolidated between $3.00 and $3.05, indicating accumulation.
Market Context
- SBI Holdings expanded XRP lending services, reflecting Japan's increasing crypto involvement.
- Ripple CTO David Schwartz announced departure after 13 years.
- Seven XRP ETF applications are under SEC review, with decisions expected by Oct. 18.
- Prediction markets estimate over 99% approval odds for ETFs.
Technical Analysis
- Support confirmed at $2.99–$3.00, with resistance at $3.10 due to institutional selling.
- Consolidation above $3.00 suggests professional accumulation.
- Breakout attempts indicate institutional interest; a sustained close above $3.10 is needed to aim for $3.20.
Trader Considerations
- Monitoring XRP's ability to maintain above $3.00 and test $3.10.
- Observing institutional shifts before the Oct. 18 ETF deadlines.
- Assessing SBI’s lending impact on Asian liquidity trends.
- Tracking the broader CD20 index as altcoin rotations follow XRP's performance.