XRP’s price crossed the $3.00 psychological level thanks to significant institutional engagement and robust trading activity. Despite meeting resistance around $3.02, the current market dynamics hint at potential accumulation, with bulls supporting prices at approximately $2.98 as traders assess for stronger momentum towards higher targets.

Key Highlights:

• XRP surpassed $3.00 amidst increasing institutional interest and elevated trading volumes.
• The asset’s price recently fluctuated between $2.96 and $2.99, notably with high trading volumes during midday.
• Analysts have noted a tentative breakout to $3.60 if this momentum persists, despite existing hurdles at $3.02.

Background of the News:

• The midday rally witnessed an impressive volume surge of 116.7M to 119.0M units from 12:00 to 13:00, vastly surpassing the daily average of 48.3M.
• Futures open interest rose to $7.94B, indicating increased derivatives activity alongside spot trading.
• Experts have identified a descending triangle breakout potential with targets around the $3.60 mark should momentum continue.

Price Action Summary:

• XRP moved from $2.96 to $2.99 between September 9 and September 10, marking a 1% increase within a narrow band.
• Key breakout activity occurred during high volume from 12:00 to 13:00, where prices surged from $2.98 to $3.02, establishing a transient resistance zone.
• Persistent selling pressure led to a dip back to $2.98 before buyers stepped in to stabilize.
• A confirmed increase of over 1.6M in volume per minute during the late session demonstrated strong institutional buying interest.

Technical Perspective:

• Resistance: The immediate barrier remains at $3.02, following multiple rejections during peak activities.
• Support: Levels between $2.98 and $2.99 have been consistently defended by buyers.
• Volume Dynamics: Breakout volumes recorded at midday were significantly higher than the average, supporting the bullish trend.
• Market Structure: The formation of higher lows suggests ongoing accumulation despite resistance.
• Technical Indicators: Indicators are leaning towards a breakout scenario, with Fibonacci levels suggesting a rally toward $3.60.

Trader Sentiment:

• Observers are monitoring whether XRP can maintain closing levels above $3.00 to shift resistance into support.
• The market’s reaction to the $3.02 barrier is critical, with a potential breakout indicating targets in the $3.20 to $3.60 range in the upcoming sessions.
• Futures positions are significant, with open interest at $7.9B potentially heightening volatility around crucial thresholds.
• Macroeconomic factors from the Federal Reserve’s upcoming meeting may influence liquidity conditions.