2 hours ago
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XRP extended gains above $3.00 as institutional desks pressed bids into elevated volumes, confirming a short-term floor near $2.99. Japan’s SBI lending rollout and a pending U.S. ETF decision cycle framed the move, with resistance capping at $3.10 after heavy prints.
News Background
XRP climbed 3% between Oct. 2, 04:00 and Oct. 3, 03:00, rising from $2.98 to $3.03. The rally followed SBI Holdings’ expansion of institutional XRP lending services, signaling Japan’s deepening crypto push. Meanwhile, Ripple CTO David Schwartz announced his departure after 13 years, and seven XRP ETF applications remain under SEC review, with the first decisions expected Oct. 18. Prediction markets now price approval odds above 99%, reinforcing speculative inflows.
Price Action Summary
- XRP traded a $0.15 corridor (4.9% range) between $2.95 and $3.10.
- At 16:00, price spiked from $3.00 to $3.06 on 212.6M tokens — more than double the daily average.
- Resistance hardened at $3.10, where 129M in turnover capped upside.
- XRP consolidated between $3.00–$3.05, signaling accumulation above the $3.00 line.
- In the final hour, XRP dipped from $3.03 to $3.02 amid profit-taking, with a 2.35M spike at 03:55 showing institutional rebalancing.
Technical Analysis
Support is confirmed near $2.99–$3.00, with multiple defenses holding the level. Resistance remains defined at $3.10, where institutional sellers concentrated. The session carved a consolidation band above $3.00, suggesting professional accumulation. Volume-led breakout attempts validate institutional participation, though conviction remains tethered to a sustained close above $3.10 to unlock the next leg toward $3.20.
What Traders Are Watching?
- Whether XRP can sustain closes above $3.00 and retest $3.10.
- Institutional positioning shifts ahead of Oct. 18 ETF deadlines.
- SBI’s lending flows and their impact on Asian liquidity trends.
- Broader CD20 index confirmation, as alt rotations track XRP’s strength.
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