In a weekend rally that has captivated the crypto community, XRP surged back above the psychologically significant $3.00 mark during early Sunday trading in the Asian markets. This upward momentum comes on the heels of a volatile Saturday when the token dipped to near $2.95, prompting a wave of short-term trader exits. The rebound was largely driven by high-volume trades that flushed out leveraged positions and attracted strategic buying from larger players, including so-called ‘whales’. As XRP stabilizes around this level, traders are now casting their eyes on the $3.10 to $3.30 range, a critical area that could determine the token’s next big move.
XRP’s Rollercoaster Weekend
XRP’s journey over the weekend was nothing short of a whirlwind. On October 4, the cryptocurrency faced a rejection at $3.03, confirming a near-term resistance. The subsequent breakdown to $2.95 between 1 PM and 3 PM was accompanied by a trading volume of 122 million XRP, approximately three times the average. This intense selling pressure set the stage for a dramatic recovery. By Sunday morning, XRP had decisively crossed the $3.00 threshold, turning it into a new support level.
Momentum traders are now eyeing $3.30 as the next significant test, with projections for a breakout targeting between $4.00 and $4.20. The higher-timeframe inverse head-and-shoulders pattern remains intact, suggesting a bullish trajectory should XRP manage to clear the $3.30 barrier.
Institutional Moves and Market Volatility
The broader cryptocurrency market remains on edge, with recent liquidations exceeding $1.7 billion in derivatives. Despite this, XRP has shown resilience, with wallet inflows surpassing 160 million tokens over the past week. Institutional interest is also on the rise, particularly in Asia. Ripple’s strategic partnership with Japan’s SBI has been a focal point, as SBI deepened its lending program tied to XRP just last week. This move bolsters the narrative of increasing institutional integration in the region.
Meanwhile, the crypto community is closely monitoring the status of XRP ETF filings, with seven still active. These filings carry October decision windows that traders see as binary events likely to influence Q4 price action significantly. As the SEC’s October 18 deadline for ETF decisions looms, any developments in altcoin ETF approvals could have a ripple effect across the market.
Technical Analysis and Trader Sentiments
Technically speaking, XRP has established a fresh support base between $2.95 and $3.00, defended by high-volume accumulation. The immediate resistance stands at $3.03, with a breakout zone identified at $3.30. The Relative Strength Index (RSI) hovers in the mid-50s, indicating a neutral-to-bullish bias. Additionally, the Moving Average Convergence Divergence (MACD) is trending toward a bullish crossover, suggesting increasing upward momentum.
Traders are keenly watching XRP’s ability to sustain closes above the $3.00 mark and whether it can build a base for a run at $3.30 to $3.50. Whale wallet flows, along with changes in on-exchange reserves, are key positioning drivers that could influence these dynamics. Moreover, the macroeconomic backdrop, including the Federal Reserve’s dovish pivot and liquidity flows from Asia, is shaping overall risk appetite in the market.
Broader Market Context
The crypto market’s current state is a mix of volatility and opportunity. As traders navigate these choppy waters, XRP’s performance is emblematic of larger trends at play. The token’s ability to bounce back from recent lows and maintain its upward trajectory offers a glimmer of hope for investors seeking stability amid broader market turbulence.
However, the path forward is fraught with uncertainties. The outcome of pending ETF decisions, coupled with macroeconomic factors, could either bolster XRP’s momentum or present new challenges. The coming weeks are likely to be pivotal, not just for XRP but for the cryptocurrency market as a whole.
As we move deeper into October, all eyes will be on XRP to see whether it can break through current resistance levels and make a sustained push toward the coveted $4.00 mark. Whether driven by institutional adoption or retail enthusiasm, XRP’s journey is one that promises to keep crypto enthusiasts on the edge of their seats.
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.
