XRP’s market performance has recently caught the attention of investors and analysts alike, as the digital asset climbed 3% in the past 24 hours. The price rose from $2.98 to $3.03, driven by significant factors including Japan’s SBI Holdings expanding its XRP lending services and an impending U.S. ETF decision. These developments have set the stage for heightened activity and speculation in the crypto market.
Institutional Moves and Market Reactions
The latest surge in XRP’s value can be attributed largely to institutional buying pressures, with trading volumes soaring. On October 2, at 16:00, XRP prices spiked from $3.00 to $3.06, facilitated by a whopping 212.6 million tokens being exchanged, more than double the daily average. This spike underscores the growing interest among institutional investors, who are pressing bids and confirming a short-term support level near $2.99.
Japan’s SBI Holdings has played a pivotal role in this rally through its expansion of institutional XRP lending services. This move not only highlights Japan’s increasing embrace of cryptocurrency but also bolsters XRP’s position in the Asian market. SBI’s influence in the crypto space is significant, and its lending rollout is expected to enhance liquidity and drive further institutional engagement.
Anticipation of U.S. ETF Decision
Adding to the momentum is the anticipation surrounding the U.S. Securities and Exchange Commission’s (SEC) upcoming decisions on seven XRP ETF applications. With the first round of decisions expected on October 18, prediction markets have priced the odds of approval above 99%. This high likelihood of approval has fueled speculative inflows, as traders position themselves for potential positive outcomes.
However, resistance has been noted at the $3.10 mark, where 129 million in turnover has capped upward movements. The market’s reaction to the ETF decision remains a focal point for traders, with many watching closely to see if XRP can maintain its price above the $3.00 support level and potentially break through the $3.10 resistance.
Technical Insights and Market Sentiment
From a technical perspective, XRP has carved out a consolidation band above the $3.00 line, suggesting professional accumulation. Support has been robust between $2.99 and $3.00, with multiple defenses holding the level steady. Nevertheless, for XRP to experience a more substantial rally, a sustained close above $3.10 is necessary to unlock the next price target of $3.20.
Institutional sellers have concentrated their efforts at the $3.10 resistance, indicating a critical battleground for price action. The session’s volume-led breakout attempts validate institutional participation in the market, though conviction remains hinged on surpassing the $3.10 barrier.
Broader Market Implications
XRP’s performance is also being closely watched in the context of broader cryptocurrency trends. The CD20 index, which tracks altcoin rotations, has shown strength in alignment with XRP’s recent gains. This correlation suggests a wider market impact, with altcoins potentially following XRP’s lead should it continue to rise.
Traders are particularly attentive to how institutional positioning may shift ahead of the ETF decision deadlines. The role of SBI’s lending flows in shaping Asian liquidity trends will also be crucial in determining XRP’s future trajectory.
Conclusion
As XRP continues to navigate these exciting developments, the digital asset stands at a crossroads, with potential for further gains or consolidation depending on upcoming market events. The interplay between institutional movements, regulatory decisions, and technical factors will be critical in shaping XRP’s path forward. For now, the crypto community remains engaged and optimistic, watching closely to see how these dynamics unfold in the days ahead.
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.
