XRP Gains 2.1% Amid Institutional Accumulation and Pending ETF Decisions
XRP experienced a 2.1% increase in the 24-hour trading period, moving from $2.84 to $2.90, with fluctuations within a $0.10 range.
Key Developments
- Institutional addresses holding between 10–100 million XRP accumulated over 120 million tokens in the past 72 hours.
- Seven XRP spot ETF applications are pending with the U.S. SEC, with decisions expected between October 18 and November 14, potentially impacting market flows.
- Market sentiment is positive, with expectations that ETF approvals could enhance institutional adoption of XRP.
Price Movement
- XRP traded between $2.84 and $2.93, showing 3.5% volatility. Selling pressure peaked near $2.93, especially on September 29 at 14:00.
- Significant volume spikes were noted at 02:00 and 07:00 GMT on September 29, with volumes exceeding 97 million units, indicating institutional involvement.
- The price closed at $2.9045 after a late session gain from $2.88 to $2.90, breaching the $2.90 psychological level with a 4.8 million unit volume surge.
Technical Insights
- Resistance lies between $2.92 and $2.93, needing a close above $2.93 for confirmation of a breakout.
- Support is consolidated between $2.85 and $2.86, serving as an accumulation zone during retracements.
- The $2.90 level has become a pivot point, tested as support heading into the weekend.
- Volatility was 3.47%, indicating increased institutional activity around regulatory catalysts.
Investor Focus
- Traders are watching if XRP can maintain levels above $2.90 to potentially target $3.00.
- The SEC's ETF review window in October-November, particularly Grayscale’s submission on October 18, is a major event.
- Continued whale activity, as seen with recent large accumulations, could signal further price increases.
- Macro conditions such as Treasury yields and Fed policies are influencing risk appetite in digital assets.