XRP remained confined under the $3.00 mark after failing to hold momentum above the $2.88–$2.89 zone, prompting a short-lived 4% pullback. Heavy institutional selling pressured prices during the drop, while buyers resurfaced around the $2.81–$2.83 band to steady the market.
The currency is now entrenched in a 47-day consolidation beneath $3.00. Traders are watching the $2.77 support pivot closely — a decisive hold there would keep the consolidation intact, while a breach could open the door to deeper downside. At the same time, markets are pricing in potential catalysts from October’s SEC decisions on spot XRP ETFs, which could reshuffle institutional demand.
On-chain signals are mixed. Whales have been accumulating — roughly 340 million XRP reportedly bought in recent weeks — yet exchange balances remain elevated above 3.5 billion XRP. That combination suggests a tug-of-war: large investors are building positions, but significant on-exchange supply could quickly apply downward pressure if selling resumes.
Technically, immediate resistance sits at the recent rejection zone of $2.88–$2.89, with psychological resistance at $3.00 and a substantive breakout threshold near $3.30. The RSI hovers in the mid-50s, indicating a neutral-to-modestly bullish tilt, while the MACD histogram is converging toward a possible bullish crossover if volume picks up.
Price action over the past session showed an $0.08 trading range between $2.81 and $2.89, with the sharpest move occurring on Sept. 5 when almost 280 million tokens traded during the fall from $2.88 to $2.81. Since then the pair has consolidated in the $2.82–$2.83 area on lighter volume, holding just above the $2.77 pivot.
What to watch next: whether $2.77 can hold as a reliable floor, volume behavior on any retest of $2.88–$2.89, and the outcome of October ETF rulings that could materially affect institutional flows. Also monitor macro liquidity signals — Fed policy and inflation prints — which continue to shape risk appetite across crypto markets.
Risk note: This is market commentary, not investment advice. XRP and crypto markets can move rapidly; elevated exchange balances and macro uncertainty increase downside risk.
Source: CoinDesk. Read the original coverage for full details.