XRP experienced a notable increase on September 11 as strong institutional inflows pushed trading volume to four times the daily average.
The token rose nearly 2% to finish close to $3.05, maintaining support at $2.98 while testing resistance around $3.07.
Analysts indicate that despite strong accumulation patterns, high levels of exchange reserves and speculation surrounding ETFs are contributing to volatility in upcoming price movements.
News Background
• Ripple enhanced its collaboration with Spanish banking giant BBVA to provide digital asset custody solutions within the EU’s MiCA framework, reinforcing institutional credibility.
• The wider cryptocurrency markets were influenced by macro factors, including anticipated rate decisions from central banks and evolving trade policy discussions.
• The open interest in XRP futures surged to $8.36 billion, reflecting leveraged positioning ahead of potential ETF announcements.
• Large wallets accumulated 340M XRP tokens recently, while exchange inventories reached yearly highs, raising concerns about near-term distribution pressure.
Price Action Summary
• XRP increased from $2.98 to $3.05 during the trading session on September 11, showing a 1.85% gain within a $0.10 range.
• The most significant buying activity occurred during the 12:00 session, with a volume of 243.37M, more than four times the daily average of 58.9M, indicating robust institutional demand.
• Resistance was encountered near $3.07 after several failed attempts to break above this level, while profit-taking capped increases above $3.05.
• In the final hour, a pullback occurred from $3.06 to $3.04 (-0.68%) as distribution pressure intensified, with 2.29M units traded at 01:41 triggering a sharp decline.
• Despite the end-of-day pullback, prices remained consolidated above $3.04, suggesting continued accumulation at lower levels.
Technical Analysis
• Support holds at $2.98, confirmed by significant buying volumes.
• Resistance remains concentrated between $3.05 and $3.07, where repeated rejections have been noted.
• A descending triangle formation near the $3.00–$3.07 range hints at an imminent resolution.
• Volume spikes in the final hour (2.29M at 01:41, 1.18M at 02:03) indicated heavy distribution, followed by rapid recovery attempts.
• Improvements in the RSI on intraday charts suggest growing buying momentum, although inflows to exchanges pose a challenge.
What Traders Are Watching
• The ability of XRP to maintain closes above $3.05 and challenge the $3.07 resistance area — a breakout could lead to an increase towards $3.20 in the near term.
• Rising exchange reserves at yearly highs, which traders view as a potential warning signal for distribution pressure if large inflows stagnate.
• The implications of Ripple’s expanded partnership with BBVA under MiCA, which may hasten institutional custody adoption and enhance price stability.
• Positioning in the derivatives markets: call options currently outnumber puts 3-to-1, with strikes clustering around $3.00–$3.50, reflecting a bullish sentiment ahead of expirations on September 12.
• Macro signals, especially central bank rate decisions and liquidity conditions, which continue to influence inflows into major cryptocurrencies.
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