XRP Pulls Back From $2.88 as ETF Speculation Builds Ahead of SEC Decisions

XRP faced renewed selling pressure on Thursday, slipping after failing to break through resistance at $2.88–$2.89, even as optimism over potential spot ETFs continued to build ahead of October’s SEC deadlines.

The token fell 4% from $2.88 to $2.84 between 13:26 and 14:25 UTC on Sept. 5, breaking through intraday support levels at $2.86 and $2.85. Trading volume spiked to 227.75 million during the 12:00 hour—nearly four times the 24-hour average—signaling heavy institutional activity. XRP closed the session at $2.84, holding just above its key $2.77 support zone.

ETF Momentum Grows
Six asset managers, including Grayscale and Bitwise, have filed applications for spot XRP ETFs, with rulings expected in October. Ripple’s recent settlement with the SEC has eased regulatory concerns, and industry estimates now place the likelihood of approval near 87%.

Analysts also point to structural similarities with XRP’s 2017 trading pattern, when a prolonged consolidation preceded a parabolic rally. The current 47-day range is being watched closely as a potential springboard for a breakout.

Technical Picture

• Resistance: Rejection confirmed at $2.88–$2.89.
• Support: Immediate levels at $2.84–$2.85; stronger support at $2.77.
• Momentum: RSI in the mid-50s signals neutrality, while MACD is trending toward a bullish crossover.
• Volume: Peak turnover of 227.75M against a 58.40M average highlights institutional distribution.

Market Focus Ahead

• Whether $2.77 holds as decisive support into September.
• October’s SEC rulings on spot XRP ETF applications.
• Continued whale accumulation, with 340M tokens recently added despite short-term selling.
• Potential breakout above $3.30, which technicians argue could open pathways toward $4.00 and beyond.

With institutional positioning rising and ETF catalysts looming, XRP remains at a pivotal inflection point. A break below $2.77 risks further downside, while a decisive move above resistance could fuel the next leg higher.