XRP Surges 8% as Institutional Volume Boosts Price to Over $3

XRP surged past the $3 mark during the September 9–10 session as institutional flows ramped up, buoyed by improved regulatory clarity in Europe.

XRP surpassed $3 amidst growing institutional interest.
Ripple’s collaboration with BBVA, under MiCA compliance, boosts confidence in traditional banks adopting blockchain technology.
Analysts caution that rising exchange reserves might hinder the recent price gain despite optimistic developments.

Ripple Labs has extended its partnership with BBVA, focusing on digital asset custody in line with EU MiCA regulations.
Speculation around institutional ETFs continues in the U.S., with anticipated SEC rulings viewed as potential market catalysts.
Traders show a strong bullish position, with a call-to-put ratio of 3-to-1 concentrated in the $2.90–$3.50 range leading up to September 12.
XRP exchange reserves have reached 12-month highs, indicating potential pressure to distribute despite strong partnership announcements.

XRP rose from $2.97 to $3.02 during the aforementioned session, reflecting an 8% increase.
A peak price of $3.02 was recorded with significant trading spikes during the session.
Support levels are evident at $2.94–$2.95, proving strong buying interest.

Volume spikes reached 116.76M and 119.07M, well above the daily average.
Support is solid at the $2.94-$2.95 level; multiple successful retests affirm accumulation.
Resistance observed at the $3.00 mark, with upward targets sitting at $3.05-$3.10 based on Fibonacci levels.

Traders will be closely monitoring if XRP can maintain daily closes above $3.00 to validate breakout strength.
The upcoming SEC rulings in October could be pivotal for inflows from institutional investors.
The BBVA and Ripple partnership may signal a larger trend towards blockchain integration in European banking.

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