XRP Tops $3 as Institutional Flows Accelerate on Ripple–BBVA Partnership
XRP surged past the $3 mark during September 9–10 amid growing institutional demand, buoyed by Ripple’s expanded partnership with BBVA under EU MiCA compliance. The deal has renewed optimism that traditional banks could deepen blockchain settlement adoption.
Bulls successfully defended support near $2.99, but analysts caution that rising exchange reserves — now at 12-month highs — could limit further upside.
Market Drivers
- Ripple–BBVA Collaboration: Enables MiCA-compliant custody and settlement, signaling potential European banking adoption.
- ETF Speculation: U.S. traders eye October SEC decisions as potential catalysts for institutional inflows.
- Derivatives Positioning: Call-to-put ratios reached 3-to-1 between $2.90–$3.50 ahead of the September 12 expiry, reflecting strong bullish sentiment.
- Exchange Reserves: Elevated balances may signal potential distribution pressure despite positive news.
Price Action & Technicals
- XRP climbed from $2.97 to $3.02, an 8% gain, hitting intraday highs of $3.02 on volume spikes of 4.36M and 3.44M.
- Support consolidated at $2.94–$2.95, confirmed by repeated high-volume retests.
- Break above $3.00 validated a bullish continuation zone, with next resistance at $3.05–$3.10 (Fibonacci levels).
- Higher lows and breakout from consolidation suggest strong institutional participation.
What Traders Are Watching
- Sustained daily closes above $3.00 to confirm breakout strength.
- Impact of SEC ETF rulings in October on institutional capital flows.
- September 12 options expiry and potential volatility from call-heavy positioning.
- Whether rising exchange reserves could trigger distribution pressure.
- Follow-through from Ripple–BBVA adoption as a signal for broader European banking engagement.
