Insights on XRP’s Current Status
XRP surged to $2.88, briefly testing $2.92 on high volume, yet it met resistance at $2.90–$2.92.
Market Influences
- The Federal Reserve is expected to announce a 25-basis-point cut on September 17, impacting cryptocurrency flows.
- Key traders are observing a sustained breakout above $2.90, aiming for targets of $3.30.
Price Action Summary
- XRP advanced by 3% during the momentous September 7-8 period, maintaining a trading range of $0.10 between $2.83 and $2.92.
- A breakout sequence at 14:00 on September 7 propelled the price from $2.85 to $2.92, achieving a volume of 231.25M — six times the 24-hour average.
Conclusion
The immediate focus for traders is whether XRP can achieve sustained closes above $2.90. A confirmed breakout above this level could potentially lead to targets of $3.00–$3.30, whereas repeated failures might reinforce this ceiling and invite renewed selling pressure.
Quote
“A confirmed break above this resistance could open room toward $3.00–$3.30, while repeated failures may reinforce the ceiling and invite renewed selling pressure.”
Translation: A validated breakthrough past this barrier could allow movement towards the range of $3.00 to $3.30, whilst ongoing failures may solidify the resistance and encourage additional selling activity.
