XRP Surges 8% as Institutional Volume Drives Price Above $3
XRP surpassed $3 during the September 9–10 session due to increased institutional flows following regulatory clarity in Europe. A partnership between Ripple and BBVA under MiCA compliance boosted optimism for blockchain adoption by traditional banks. However, rising exchange reserves may impact sustained price growth.
News Background
- Ripple expanded its partnership with BBVA for digital asset custody and settlement under EU MiCA standards.
- U.S. ETF speculation is ongoing, with traders anticipating SEC decisions in October as potential catalysts.
- Derivatives traders exhibit bullish sentiment with a 3-to-1 call-to-put ratio centered around $2.90–$3.50 for September 12 expiry.
- XRP exchange reserves reached 12-month highs, indicating possible distribution pressure despite positive partnership news.
Price Action Summary
- XRP rose from $2.97 to $3.02, an 8% gain during the specified session.
- Session high of $3.02 occurred with significant volume spikes.
- Support established at $2.94–$2.95 with strong volume confirmation.
- XRP maintained $3.00 support despite a temporary dip to $2.99, reflecting institutional defense.
- Closing price between $3.01 and $3.02 kept XRP within a bullish trend.
Technical Analysis
- Volume peaked at 116.76M and 119.07M during surges, nearly three times the daily average.
- Strong support exists at $2.94–$2.95, confirmed by multiple retests.
- Resistance validated above $3.00; next targets are $3.05–$3.10 based on Fibonacci extension.
- Higher lows indicate strong institutional buying interest.
- Breakout from consolidation suggests continuation if $3.00 holds.
What Traders Are Watching
- Sustained daily closes above $3.00 to confirm breakout strength.
- The SEC's upcoming ETF rulings as a catalyst for institutional capital inflows.
- Options expiry on September 12 may lead to increased volatility due to call-heavy positioning.
- Monitoring exchange reserves for potential sell pressure amid rising levels.
- Observing the impact of the BBVA-Ripple partnership on European bank adoption.