XRP experienced a notable surge, breaching the $3 mark during trading sessions on September 9 and 10, driven by increasing institutional demand following regulatory clarity in Europe. The rise was further propelled by Ripple’s newly expanded partnership with BBVA, which aligns with the EU’s Markets in Crypto-Assets (MiCA) regulatory framework, igniting optimism around the potential for traditional banks to enhance their adoption of blockchain settlement solutions.
Despite the bullish momentum, analysts warned that rising exchange reserves for XRP could hinder sustained upward movement. This caution comes amidst a broader context where speculation around institutional Exchange-Traded Funds (ETFs) in the U.S. is gaining traction, with traders anticipating significant developments from the SEC in October that could serve as a catalyst for market dynamics.
Ripple’s partnership with BBVA will provide digital asset custody and settlement solutions compliant with MiCA standards, which could set a precedent for deeper integration of digital assets within the banking sector. Meanwhile, there is strong bullish sentiment among derivatives traders, with call-to-put ratios at 3-to-1 concentrated within the $2.90 to $3.50 range towards the upcoming expiry on September 12.
During the September 9-10 session, XRP’s price climbed from $2.97 to $3.02, reflecting an 8% gain. The token hit a session high of $3.02 between 13:47 and 13:48, accompanied by notable volume spikes of 4.36 million and 3.44 million. Support levels were robust, with consolidation noted at the $2.94 to $2.95 range, showcasing strong volume validation. Even as the price dipped to $2.99 during intraday trading, bulls managed to defend the $3 threshold, which signals institutional support.
The overall price action saw XRP close between $3.01 and $3.02, maintaining its position within a bullish continuation zone. Technical indicators reveal that volume surged significantly during price spikes, with peaks reaching 116.76 million and 119.07 million, nearly three times the daily average. Strong support remains at $2.94 to $2.95, with previous successful retests suggesting accumulation. Resistance levels above $3.00 have been validated, with further upside targets identified at $3.05 to $3.10, based on Fibonacci extensions.
Traders are closely monitoring whether XRP can uphold daily closing prices above the $3.00 level to confirm the strength of the breakout. Additionally, attention is directed towards the SEC’s upcoming decisions on ETFs as a potential structural catalyst for increased institutional investment. The market is also keeping an eye on the impending options expiry on September 12, where heavy call positioning could result in heightened volatility. Finally, the increasing exchange reserves, now at 12-month highs, provoke questions about potential selling pressure, while the effectiveness of the BBVA-Ripple partnership may act as an indicator for broader adoption of digital assets by European banks.
