XRP Holds $3.05–$3.07 Range as Traders Anticipate Breakout
XRP is consolidating in a narrow $3.05–$3.07 range, with traders closely watching whether it can sustain gains above $3.05 amid rising exchange reserves and ETF speculation.
On September 11, the token climbed nearly 2%, closing around $3.05 after defending support at $2.98 and testing resistance near $3.07. Institutional inflows drove trading volume to more than four times the daily average, highlighting strong demand. Analysts note that while accumulation remains healthy, high exchange inventories could add short-term volatility.
Market Context
- Ripple expanded its partnership with Spanish bank BBVA to deliver digital asset custody solutions under the EU’s MiCA framework, boosting institutional credibility.
- Broader crypto markets were influenced by macro factors, including central bank rate expectations and trade policy developments.
- XRP futures open interest reached $8.36 billion, signaling significant leveraged positioning ahead of potential ETF-related announcements.
- Whale wallets accumulated roughly 340 million XRP recently, while exchange inventories hit one-year highs, raising potential near-term distribution pressure.
Price Action Highlights
- XRP moved from $2.98 to $3.05, a 1.85% gain within a $0.10 range.
- Peak buying occurred during the 12:00 session, with volume reaching 243.37 million—over four times the daily average—confirming institutional demand.
- Resistance formed near $3.07 after repeated upside rejections, while profit-taking capped gains above $3.05.
- A late pullback saw the price dip to $3.04, but XRP closed above this level, indicating continued accumulation.
Technical Analysis
- Support is solid at $2.98, reinforced by strong intraday buying.
- Resistance sits between $3.05–$3.07, where repeated rejections occurred.
- A descending triangle between $3.00–$3.07 suggests an imminent breakout.
- Intraday RSI improvements signal growing buying momentum, though rising exchange inflows remain a headwind.
Traders’ Watchpoints
- Sustained closes above $3.05 could trigger a test of $3.07 and open the path toward $3.20.
- Rising exchange reserves, now at one-year highs, could indicate distribution risk if whale inflows slow.
- Ripple’s BBVA partnership under MiCA may support institutional adoption and price stability.
- Derivatives positioning is bullish, with call options outnumbering puts 3-to-1 and strikes clustered between $3.00–$3.50 ahead of September 12 expiries.
- Macro factors, including central bank decisions and liquidity flows, continue to drive capital allocation in large-cap crypto assets.
XRP is consolidating in a tight range, and traders are watching closely for a breakout from the $3.00–$3.07 corridor to define its next move.
