XRP faced significant challenges in maintaining its momentum above the $3.00 mark over the weekend of September 9-10, as heavy institutional selling overshadowed initial gains. The cryptocurrency reached a high of $3.035 before a wave of liquidation driven by increased trading volume retracted the asset’s price to $2.94 by the end of the trading session. This price action highlights the growing resistance around the $3.02 level, even as traders consider potential catalysts such as ETF developments and rising exchange reserves that may hinder bullish trends.
The market is currently eyeing the Federal Reserve’s impending meeting on September 17, where a 25-basis-point rate cut is widely anticipated. This decision is expected to be a potential liquidity driver for risk assets, raising optimism among traders. Additionally, six spot ETF applications for XRP are set to be reviewed by the SEC in October, a decision many believe could be crucial for institutional adoption.
Amidst these developments, exchange custody balances for XRP have reached a 12-month high. This rising figure raises concerns about possible near-term selling pressure, despite recent patterns of accumulation among large holders, known as whales. Analysts have drawn parallels to XRP’s previous price movements, particularly its breakout failure in July, indicating that the market structure is once again being tested at the critical $3.00 resistance level.
During the specified trading period from September 9 at 03:00 to September 10 at 02:00, XRP fluctuated within a $0.10 range (2.9%), moving between $2.935 and $3.035. After reaching a peak of $3.035 during the morning session, the price was met with immediate resistance near the $3.02 mark. A significant sell-off at 14:00 saw XRP decrease sharply from $3.018 to $2.956 on a trading volume of 165.67 million—approximately triple the daily average. Subsequently, the price stabilized between $2.94 and $2.96 as overall trading activity diminished, averaging about 650,000 in volume per minute.
From a technical perspective, the resistance level between $3.02 and $3.04 has proven to be a substantial barrier, marked by several high-volume rejections. Meanwhile, the support at around $2.94 has held firm, indicating possible accumulation by institutional investors. The Relative Strength Index (RSI) reflects early bullish divergence; however, the elevated exchange reserves are likely to create pressure on any subsequent momentum. The dynamics suggest a potential consolidation phase within the $2.94 to $3.00 range unless trading volume experiences a noticeable uptick.
Looking ahead, traders will closely monitor whether XRP can sustain closing prices above $2.95, which could set the stage for a breakout above $3.02. The high custody balances at exchanges will be scrutinized to determine if inflows translate into sustained selling pressure. Additionally, market participants are keenly anticipating the SEC’s ETF rulings in October, which could act as a major structural catalyst if approvals are granted. The upcoming Fed decision on September 17 will also be significant as traders adjust their positions in light of its potential impact on dollar liquidity. Lastly, with 340 million tokens accumulated by whales in recent weeks, questions remain about whether this buying activity can counterbalance selling pressure from exchanges.
