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XRP Holds Above $2.90 as ETF Approvals Loom, Institutional Buying Accelerates
XRP continued to trade above the $2.90 mark, buoyed by anticipation of potential U.S. spot ETF approvals and growing institutional accumulation. Seven XRP spot ETF applications remain pending before the U.S. Securities and Exchange Commission (SEC), with Grayscale’s submission scheduled for October 18 and other filings queued through November 14, creating a concentrated window of regulatory catalysts likely to influence near-term flows.
During the 24-hour trading session from September 28, 21:00 GMT, to September 29, 20:00 GMT, XRP rose 2.1%, moving from $2.84 to $2.90 within a $0.10 range, representing 3.47% volatility from the session’s opening price.
Institutional Activity
Large institutional holders, controlling between 10–100 million XRP, accumulated more than 120 million tokens over the past three days, signaling strong demand ahead of potential ETF approvals. Analysts suggest that ETF greenlights could act as a structural catalyst, accelerating XRP adoption within institutional portfolios.
Price Action Overview
- XRP traded between $2.84 and $2.93, with the upper end seeing intensified selling pressure during the September 29, 14:00 GMT session.
- Key upward moves occurred at 02:00 and 07:00 GMT, when trading volume spiked above 97 million XRP, surpassing the daily average of 57.4 million, highlighting institutional participation.
- In the final trading hour, XRP advanced from $2.88 to $2.90, a 0.7% gain, with a 4.8 million XRP volume spike confirming a breach of the psychological $2.90 level.
Technical Analysis
- Resistance: Clustered between $2.92 and $2.93, where previous rallies stalled on higher volume. A close above $2.93 on expanding participation would signal a potential breakout.
- Support: Consolidated around $2.85–$2.86, repeatedly defended during retracements, forming a key accumulation zone.
- Psychological Pivot: The $2.90 level now acts as a near-term pivot; sustaining this level could provide a springboard toward $3.00 and higher.
- Volatility: 3.47% over the 24-hour window, reflecting active institutional repositioning ahead of regulatory decisions.
Key Focus for Traders
- Whether XRP can hold above $2.90 and flip it into support, validating continuation toward $3.00.
- The SEC’s October–November ETF review window, with Grayscale’s October 18 submission marking the first major structural catalyst.
- Continued whale accumulation, with 120 million XRP amassed over three days, signaling potential further upside.
- Broader macro factors, including Treasury yield volatility and Fed policy signals, which influence risk appetite across both equities and digital assets.
