XRP traders are keeping a watchful eye on the cryptocurrency, anticipating a possible bullish breakout toward the $3.10 mark. The digital asset experienced a notable spike up to $3.05, with trading volume doubling before settling into a period of consolidation. This recent activity has been marked by significant whale transactions exceeding $300 million, alongside institutional desks repositioning in anticipation of a crucial Federal Reserve decision later this month. As the price hovers between $2.99 and $3.05, the market is rife with speculation, fueled by upcoming ETF deadlines and interest rate expectations.
Institutional Interest and Whale Activity
Over the past 24 hours leading up to October 7, XRP saw a modest 3% increase, trading within the $2.97 to $3.05 range before closing at approximately $2.99. This movement was largely driven by a surge in institutional flows, with over 1.5 billion tokens changing hands. At the same time, whale investors were busy offloading more than $300 million worth of XRP. This confluence of factors underscores the intense market activity XRP is experiencing as traders position themselves ahead of key macroeconomic events.
Macro Forces at Play
Macro catalysts are currently dominating the sentiment surrounding XRP. Market participants are largely pricing in a 96% chance of a Federal Reserve rate cut on October 29, a development that could have far-reaching implications for risk assets, including cryptocurrencies. Meanwhile, the cryptocurrency community is also keeping an eye on over 70 ETF applications, with seven focused on XRP, as they approach SEC deadlines starting October 19. These factors are contributing to an atmosphere of anticipation and uncertainty, with traders keenly observing how these macroeconomic developments will influence XRP’s price trajectory.
Navigating Price Action
Throughout the recent trading session, XRP’s price action was characterized by a $0.08 range, moving from a low of $2.97 to a high of $3.05. An afternoon rally propelled the price from $3.00 to $3.04, with trading turnover reaching 137 million—nearly double the daily average. However, the $3.04–$3.05 range proved to be a formidable resistance level, repeatedly capping XRP’s upward momentum.
Despite these challenges, XRP’s price has found support around the $2.99 mark, bolstered by multiple retests and the absorption of intraday liquidation flows. Even a late dip to $2.981 was quickly absorbed, with volume spikes of 2.2 million, establishing a short-term floor. Technically, this price structure suggests accumulation at the $2.99 base, setting the stage for a potential bullish continuation if momentum can push past $3.03 and challenge the $3.05 resistance.
The Road to $3.10
For XRP traders, the key watchpoints are clear. First, whether the $2.99 level can hold as a firm support base amid continued whale distribution. Second, if institutional positioning can maintain momentum as the SEC ETF deadlines approach on October 19. Additionally, the market’s reaction to any Fed policy signals—especially a rate cut—could significantly impact flows across risk assets, including XRP.
A confirmed breakout above the $3.05 resistance would be a signal for traders that the next leg toward $3.10–$3.12 is within reach. However, the road to this target is fraught with uncertainties, primarily driven by external macroeconomic factors.
Balancing Optimism and Caution
While the potential for a bullish breakout is on the horizon, it’s essential for traders to balance optimism with caution. The speculative nature of cryptocurrency markets means that sudden shifts in sentiment can occur swiftly. As such, traders should remain vigilant, staying informed about both technical indicators and broader economic developments that could influence XRP’s price.
In summary, XRP’s recent price activity highlights the dynamic interplay between technical factors and macroeconomic influences. With key events on the horizon, the coming weeks promise to be pivotal for XRP traders, who will be closely monitoring support levels, resistance challenges, and broader market signals in their pursuit of potential gains.
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.
