The cryptocurrency market is abuzz as XRP, the digital token associated with Ripple Labs, experienced a notable uptick in its price. This surge comes on the heels of some significant developments, including Japan’s SBI Holdings launching an institutional lending program and the anticipation surrounding the upcoming decision on XRP-related exchange-traded funds (ETFs). These events have fueled a rally that saw XRP prices climb above crucial resistance levels, setting the stage for potentially breaking the $3.00 mark.
SBI Lending Program Ignites Momentum
The latest rally began when XRP jumped 5.2% over a 24-hour period, advancing from $2.84 to $2.97. This move was largely catalyzed by SBI Holdings’ announcement of an XRP lending program aimed at institutional investors. The initiative underscores Japan’s strategic push towards large-scale adoption of cryptocurrencies, particularly XRP, which has consistently been in the spotlight due to Ripple’s established presence in the region.
SBI’s lending program is seen as a pivotal step in enhancing liquidity flows within Asia, a market that’s increasingly pivotal for XRP’s global adoption strategy. The program’s focus on institutional payments could also herald a new era of increased participation from large-scale investors, potentially stabilizing and boosting the token’s value.
ETF Decisions Loom Large
The recent price action isn’t solely attributed to SBI’s initiative. Traders and investors are also fixated on the upcoming October 18 deadline, when the U.S. Securities and Exchange Commission (SEC) is expected to announce its decision on seven spot ETF applications involving XRP. For many in the crypto community, the approval of these ETFs could be a game-changer, opening the floodgates for more mainstream investment and possibly leading to higher price floors for XRP.
The anticipation around the ETF decisions has created a speculative environment, with many market participants positioning themselves in advance. Should the SEC approve these applications, it could lead to a significant influx of capital, as ETFs are typically seen as a more accessible investment vehicle for traditional investors.
A Technical Perspective
From a technical standpoint, XRP has demonstrated robust resilience. The token traded within a $0.16 band, experiencing 5.6% volatility between $2.82 and $2.98. The breakout was particularly pronounced at 8:00 on October 1, with XRP surging from $2.86 to $2.92, buoyed by the trading of 164.5 million tokens — more than double the daily average. This spike in trading volume is a clear indicator of institutional interest, a critical factor in sustaining such rallies.
Support levels have shifted higher to $2.93, with multiple defenses of this price point, while resistance remains steadfast at $2.96–$2.98. In the final hour of trading, XRP extended slightly from $2.96 to $2.97, peaking at $2.98 before sellers put a temporary cap on the advance. For the bulls, a decisive close above $2.98 is necessary to confirm momentum toward the psychological $3.00 barrier.
Trader Sentiment and Broader Market Impact
Market participants are closely monitoring whether XRP can maintain its position above the $2.96–$2.98 range, which is crucial for setting up a potential breakout to $3.00. The impact of SBI’s lending program on Asian liquidity flows remains a focal point, as traders assess whether the current buying momentum can persist into U.S. trading hours.
Furthermore, the broader cryptocurrency market, as represented by the CD20 index, also saw similar gains, with peer tokens experiencing 4-5% rallies accompanied by elevated volumes. This trend suggests a wider bullish sentiment, potentially driven by macroeconomic factors and increased institutional involvement.
Looking Ahead
As XRP continues to consolidate its gains, the market’s attention is firmly fixed on the upcoming ETF decision. The potential approval could serve as a catalyst for further price appreciation, while the continued success of SBI’s lending program may bolster long-term confidence in XRP’s utility and adoption.
The coming weeks will be crucial for XRP and its investors, as the interplay between these developments could shape the token’s trajectory well into 2026. With key resistance levels tested and support lines firmed up, the stage is set for what could be a pivotal moment in XRP’s storied journey within the ever-evolving cryptocurrency landscape.
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.
