As XRP holds its ground above the $2.90 mark, the cryptocurrency community is abuzz with anticipation of the upcoming ETF decisions that could potentially reshape the digital asset’s market dynamics. Over the past 24 hours, XRP has shown a modest uptick, gaining 2.1% from $2.84 to $2.90, all while navigating a tight $0.10 trading range—an indication of the market’s cautious optimism.
Institutional Interest and Accumulation
In recent days, large institutional holders have made significant moves in the XRP market. Wallets holding between 10 to 100 million XRP tokens have accumulated over 120 million coins within the past 72 hours. This substantial accumulation points to increased confidence among institutional investors, who are eagerly eyeing the potential approval of XRP spot ETFs by the U.S. Securities and Exchange Commission (SEC).
The ETF Effect: A Market Game-Changer?
The looming decisions on the seven pending XRP spot ETF applications are casting a long shadow over the market. With Grayscale’s application leading the charge on October 18 and others lined up until November 14, this period is crucial. Analysts argue that the approval of these ETFs could act as a structural driver, propelling XRP’s adoption in institutional portfolios. The anticipation is palpable, with market sentiment buoyed by the prospect of heightened corporate exposure to the digital asset.
Price Action: A Tale of Resistance and Support
XRP’s price action over the recent 24-hour window has been marked by a $0.10 corridor between $2.84 and $2.93, reflecting a volatility of 3.5%. Notably, the price peaked near $2.93, where selling pressure was particularly strong during the September 29 session. However, key upward movements occurred at 02:00 and 07:00 GMT on September 29, with trading volumes spiking to over 97 million units—nearly double the daily average. This surge underscores the role of institutional participation in driving these rally phases.
Despite the resistance encountered near $2.93, the final hour of trading saw XRP advance from $2.88 to $2.90, bolstered by a 4.8 million unit volume burst. This momentum allowed XRP to breach the psychological $2.90 barrier, albeit briefly settling around $2.9045.
Technical Analysis: Navigating Key Levels
From a technical standpoint, XRP faces a significant resistance cluster between $2.92 and $2.93. This zone has repeatedly stalled price advances, and a breakout confirmation would likely require a close above $2.93 with expanding market participation. Conversely, support has solidified between $2.85 and $2.86, where buyers have consistently stepped in during retracements. This support zone has proven to be a crucial accumulation area, as multiple successful retests have highlighted its significance.
The $2.90 level, once a psychological barrier, has now shifted into a near-term pivot. As XRP reclaimed this level late in the session, traders are keenly watching to see if it can hold as support heading into the weekend.
What Traders Are Watching
Looking ahead, traders are focused on several key factors that could influence XRP’s trajectory:
Sustaining Above $2.90: The ability of XRP to maintain closes above $2.90 and convert this into support is critical. Doing so would validate attempts to continue beyond $3.00, a milestone that would signal further bullish momentum.
The SEC’s ETF Review Window: The period from mid-October to mid-November is seen as pivotal, with Grayscale’s October 18 date viewed as the first major catalyst for institutional inflows.
Whale Activity: The recent accumulation of 120 million tokens by large holders suggests potential for further upside if this trend continues.
Broader Market Conditions: External factors such as Treasury yield volatility and Federal Reserve policy signals are also on traders’ radars, as these can sway risk appetite across both equities and digital assets.
Conclusion: A Market on the Brink
As XRP navigates the current landscape, the interplay of institutional interest, technical levels, and regulatory developments will likely dictate its near-term path. With the potential ETF approvals on the horizon, the cryptocurrency could see a significant shift in its adoption and market dynamics. For now, all eyes are on the SEC and the subsequent ripple effects their decisions might unleash in the digital asset space.
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
