XRP has recently made headlines by breaching the significant psychological barrier of $3.00 in a trading session characterized by substantial volume, indicating strong institutional participation. The token experienced an impressive rally, climbing from $2.96 to $2.99 within a 24-hour period, with midday breakout volumes reaching six times the average daily volume.
On September 10, there was a notable surge in trading activity, with volume spikes of 116.7 million and 119.0 million units occurring during the crucial hours of 12:00 to 13:00. This surge far surpassed the 24-hour average of 48.3 million units, showing a clear shift in market sentiment towards XRP. Alongside this spot activity, futures open interest rose to $7.94 billion, highlighting increased interest in derivatives trading.
Analysts have pointed to a potential descending triangle breakout pattern, which, if momentum continues, could see XRP targets in the $3.60 range. The overall trend has been influenced by broader market movements, particularly expectations regarding Federal Reserve policies, as betting on rate cuts has led to a surge in flows into large-cap cryptocurrencies like XRP.
In terms of price action, XRP moved from $2.96 to $2.99 between September 9 at 21:00 and September 10 at 20:00, marking a one-percent gain within a relatively narrow range of $0.09. The breakout during midday saw the price spike from $2.98 to $3.02 on a volume of 119 million, establishing a new short-term resistance level. Despite selling pressure towards the end of the session that momentarily dragged the price back to $2.98, buyers quickly stepped in to re-establish support, closing the session near $2.99.
Technical analysis indicates that immediate resistance lies at $3.02, a level that has seen multiple rejections during peak trading sessions. Support levels around $2.98 to $2.99 have been robust, with buyers consistently defending these ranges across multiple retests. The significant breakout volumes during midday trading validate this upward movement, suggesting that a higher low formation is in play, indicative of continued accumulation despite facing resistance.
Traders are closely monitoring several factors in the coming sessions. The ability of XRP to maintain closes above the $3.00 level is crucial for flipping that resistance into support. Additionally, market participants are watching the $3.02 resistance closely; a successful breakout could pave the way for targets in the $3.20 to $3.60 range. Futures positioning remains a key variable, with open interest sitting at $7.9 billion, which could introduce further volatility as traders navigate these pivotal price levels. Broader macroeconomic developments, particularly from the Federal Reserve’s upcoming policy meetings, will also play a significant role in shaping market dynamics for XRP and other cryptocurrencies.
