XRP spiked to $3.33 on Wednesday, fueled by a burst of institutional buying that sent daily trading volume to more than double its average. The move came as Ripple’s recent settlement with the SEC continued to energize the market. This was because the resolution removed a long-standing cloud over the token.
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The rally started with steady gains from the $3.20 level, building momentum as large trades flooded in. By 1 p.m., volume had hit 193.9 million, far above the usual 81.5 million, confirming that big players were driving the move. The price push reflected renewed confidence from investors who see Ripple’s legal victory as a green light for corporate treasuries to hold and deploy XRP more freely.
Traders Took Profits
Unfortunately, the bullish momentum didn’t last. Just minutes after touching the $3.33 mark, sellers emerged in force. Between 1:07 p.m. and 2:06 p.m., XRP slipped from $3.32 to $3.26 as large holders locked in gains. This pattern of quick reversals near resistance levels suggests that traders are still treating rallies as short-term opportunities rather than long-term breakouts.
Still, XRP managed to close the session at $3.28, keeping it above the key $3.20 support zone. The ability to hold that level despite aggressive profit-taking signals underlying demand and a willingness among buyers to defend their positions.
Ripple’s Settlement Gives Market Clarity
Ripple’s settlement with the SEC has given the company greater flexibility in how it manages its corporate treasury. This has removed years of legal uncertainty and the new clarity has encouraged larger transactions and institutional interest, particularly in the $3.20 to $3.30 range.
However, on-chain data shows that while existing holders are active, there’s still limited growth in new wallets. This means the rally is being driven more by bigger bets from current players than by an influx of fresh retail investors.
Traders Are Looking to See if XRP Can Push Past $3.33
Market watchers are now focused on whether XRP can push past the $3.33 resistance. A break above could open the door to $3.40, but failure to do so may trigger another round of selling. Support at $3.20 remains the line in the sand; if that level holds, sentiment should stay positive.
At the time of writing, XRP is sitting at $3.2517.
