XRP (XRP-USD) is back around the $3 level. The token jumped 4% overnight, fueled by explosive volume and near certainty that the Federal Reserve will cut rates this month. Support has held steady above $2.88, but repeated failures just below $3 show that institutional flows are setting the short-term range.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Okay, maybe “smash” is a bit dramatic. But with Fed futures pricing a 99% chance of a cut and ETF decisions looming in October, XRP has real fuel behind it. The question now is whether bulls can finally flip $3 from resistance into support and open the path to higher targets.
Fed Bets Drive Crypto Higher
Federal Reserve futures now point to a 99% chance of a 25-basis-point cut at the September 17 meeting. For risk assets, and especially for crypto, that is as close to a green light as it gets. Traders see rate cuts as dollar-weakening events that free up liquidity, and the price action in XRP shows that bets are already being placed.
Volume during the breakout was nearly three times the daily norm, spiking to 159.6 million at its peak. This type of surge is rarely retail-driven. Institutions were active, and whales reportedly scooped up roughly 10 million XRP in just 15 minutes. For now, though, buyers are running into a familiar ceiling at $2.99–$3.00.
Support Holds Firm
Despite rejection at the top, XRP’s base has not cracked. The $2.88–$2.89 range has been tested multiple times, and each dip has been met with quick demand. In the final hour of trading, XRP managed a grind higher from $2.94 to $2.95, showing accumulation at higher lows.
Momentum indicators echo this resilience. The relative strength index has settled in the mid-50s, suggesting a neutral-to-bullish bias. Meanwhile, the MACD histogram is edging toward a bullish crossover, a sign that buying pressure could soon outweigh the repeated selling at $3.
XRP’s ETF Decisions Loom
Beyond the Fed, the bigger structural story is still ahead. Six spot XRP ETF applications, including filings from Grayscale and Bitwise, are under review by the SEC. Deadlines hit in October, meaning traders don’t have long to wait for clarity. A green light would be a landmark moment, giving institutions easy access to XRP and potentially repricing its demand overnight.
Polymarket data already shows heavy optimism, with bettors giving XRP ETFs a high chance of approval within the next year. If even one gets through, XRP could finally have the institutional tailwind to turn a $3 breakout into something much larger.
XRP Needs to Close This Price Level
Currently, bulls need a clean close above $3.00–$3.05 to confirm a breakout. If they succeed, technical patterns point toward $3.30–$3.50 as the next range, with longer-term setups hinting even higher. Failure to break through, however, risks another round of consolidation and possibly a retest of support at $2.88.
At the time of writng, XRP is sitting at $2.9407.
