XRP pushed higher on September 11 as heavy institutional inflows lifted intraday volume to roughly four times the daily average. The token advanced nearly 2% to close around $3.05, defending support near $2.98 and meeting resistance in the $3.05–$3.07 zone after multiple rejected breakouts.
Trading data showed the most aggressive buying during the 12:00 session when volume surged to 243.37M XRP versus a daily average near 58.9M, signaling strong institutional participation. At the same time, derivatives markets reflect elevated positioning: futures open interest climbed to $8.36 billion and call options outnumber puts roughly 3-to-1, with strikes clustered between $3.00 and $3.50 ahead of near-term expiries.
On-chain flows paint a mixed picture. Whale wallets have accumulated about 340M XRP in recent weeks, but exchange reserves have also risen to 12-month highs—an indicator traders watch closely because it can precede distribution if inflows to exchanges convert to sell-side pressure.
Technical outlook: price is trading inside a tightening descending-triangle between roughly $3.00 and $3.07. Short-term support is validated at $2.98 by outsized buy volumes, while repeated rejections around $3.07 mark the immediate upside barrier. Intraday volume spikes in the final hours showed brief distribution before quick recoveries, and intraday RSI improvements suggest buying momentum is building. A sustained close above $3.05–$3.07 would likely open a run toward $3.20 in the short term; failure to hold $2.98 could expose lower consolidation levels.
Why this matters: institutional custody developments—most notably Ripple’s expanded work with BBVA under the EU’s MiCA framework—are strengthening the case for broader institutional adoption and may support medium-term price stability. However, high leverage in futures and clustered options positioning increase the odds of sharper swings around any catalyst.
Risk note: elevated exchange reserves, concentrated derivatives positioning and heavy whale activity raise distribution and volatility risks. Traders should manage position sizing and use stop-losses or hedges when acting on short-term breakouts.
Traders will be watching whether XRP can sustain closes above $3.05, how exchange flows evolve, and macro policy moves that influence cross-asset liquidity.
Source: CoinDesk. Read the original coverage for full details.