XRP staged an intraday surge early this week but stalled just under the $3 mark, leaving traders watching a tight band of resistance. The token rose from $2.83 to test $2.92 after a breakout push that traded roughly 231.25M XRP — about 6x the 24‑hour average — before sellers pushed gains back into the $2.86–$2.88 area.
Short‑term technicals show accumulation near the floor: bulls repeatedly defended $2.86 across multiple retests, while upside attempts were capped around $2.90–$2.92. Momentum indicators lean mildly bullish — the RSI sits in the mid‑50s and the MACD histogram is converging toward a bullish crossover — but the market remains range‑bound in a compact $0.10 trading window (roughly 4% volatility).
Macro and on‑chain flows are reinforcing the tug‑of‑war. Futures markets are pricing a near‑certain Fed cut at the Sept. 17 FOMC meeting, a factor traders link to broader dollar liquidity and risk appetite. Institutional demand also appears significant: one analyst flagged a short burst of net buying (more than 10M XRP in 15 minutes) during the breakout, and wallets have accumulated an estimated 340M XRP in recent weeks.
What to watch next: a sustained daily close above $2.90 would be the clearest technical trigger for a run toward the next cluster of targets around $3.00–$3.30. Conversely, repeated rejections at the current ceiling would reinforce the short‑term top and could invite renewed selling pressure back toward support. Technically, a decisive breakout above $3.30 would shift the pattern and could open extended targets near $4.00–$4.50, though that scenario would require confirmation from volume and broader market risk appetite.
Longer‑term catalysts remain in play: the SEC’s rulings on spot XRP ETF applications in October could materially change institutional inflows, either accelerating structural demand if approvals arrive or dampening momentum if delayed. Traders should also monitor U.S.–China trade headlines, which have recently driven cross‑asset volatility and risk flows into crypto.
Risk note: This is market commentary, not investment advice. Price targets are technical scenarios, and unexpected macro or regulatory news can invalidate setups quickly. Manage risk, use stop levels, and consider position sizing appropriate to your risk tolerance.
Source: CoinDesk. Read the original coverage for full details.