XRP remains rangebound below $3.00 for a 47th consecutive day, with traders watching the $2.77 support zone and October’s SEC rulings on spot ETF applications as the next major catalysts.
Price Action
Momentum faded after XRP failed to clear resistance at $2.88–$2.89, leading to a 4% pullback capped by institutional selling. Nearly 280 million tokens changed hands at 14:00 UTC on Sept. 5 as price slid from $2.88 to $2.81, before stabilizing near $2.82. Buyers defended the $2.81–$2.83 range, keeping XRP just above the $2.77 support pivot.
The token’s daily range narrowed to $0.08, reflecting 3% volatility, as heavy resistance above $2.88 offset steady accumulation by dip buyers.
Market Context
- ETF Outlook: Six institutional managers have filed for spot XRP ETFs, with decisions due in October.
- Whale Activity: Roughly 340 million XRP accumulated in recent weeks despite volatility.
- Supply Pressure: Exchange balances remain above 3.5 billion tokens, highlighting potential downside risk if selling resumes.
- Macro Climate: Federal Reserve policy shifts and inflation data continue to shape risk appetite across digital assets.
Technical Setup
- Support: $2.77–$2.81 remains a strong demand zone after repeated defenses.
- Resistance: Firm ceiling at $2.88–$2.89; $3.00 remains a key psychological barrier; $3.30 is the breakout threshold.
- Indicators: RSI in the mid-50s reflects a neutral-to-bullish stance, while MACD is approaching a bullish crossover, signaling potential momentum if volumes rise.
- Structure: Prolonged consolidation below $3.00, with a sustained close above $3.30 viewed as the gateway to a $4.00+ move.
What Traders Are Watching
- Whether $2.77 holds as downside support if selling resumes.
- Reaction on retests of the $2.88–$2.89 resistance zone.
- How whale accumulation balances elevated exchange reserves.
- SEC ETF rulings in October as a possible institutional trigger.
- Broader liquidity trends shaped by Fed policy and inflation data.
