XRP Surpasses $3.00 Mark Amid Strong Institutional Buying Activity

XRP surpassed the $3.00 level with significant trading volume, indicating strong institutional interest. The price rose from $2.96 to $2.99 in 24 hours, with midday breakouts at volumes six times the daily average. Resistance was encountered near $3.02, but market structure shows accumulation, with buyers supporting around $2.98.

Key Facts

Midday rally on September 10 featured 116.7M and 119.0M units traded, exceeding the 24-hour average of 48.3M.
Futures open interest increased to $7.94B, reflecting active derivatives positioning.
Analysts indicate a potential breakout target of $3.60 if upward momentum continues.
Market trends align with Federal Reserve rate cut expectations, benefiting large-cap cryptocurrencies.

Price Movements

XRP gained 1% from $2.96 to $2.99 between September 9 21:00 and September 10 20:00.
During peak hours, XRP spiked from $2.98 to $3.02 on 119M volume, establishing short-term resistance.
Late session selling pressure pushed the price back to $2.98, but buyers maintained support, closing near $2.99.
Volume spikes above 1.6M per minute confirmed institutional buying at lower prices.

Technical Insights

Immediate resistance is at $3.02 after multiple rejections.
Support levels are consistently held at $2.98–$2.99.
Breakout volumes were validated as six times the daily average.
Higher lows formation indicates ongoing accumulation despite resistance.
Technical indicators suggest a breakout scenario with Fibonacci extensions pointing toward $3.60.

Trader Focus

Sustaining closes above $3.00 to convert resistance into support.
Reaction to $3.02 resistance; a breakout could raise targets to $3.20–$3.60.
Monitoring futures positioning at $7.9B for volatility around critical levels.
Impacts from the Federal Reserve’s policy meeting and liquidity outlook on the dollar.