Altcoins News
By Sakamoto Nashi
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ETF Filings and Ripple Banking Plans Fuel Optimism. Several factors are driving bullish sentiment for XRP.
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Technical Levels: $3.10–$3.30 Is Key. XRP’s daily chart shows a bullish structure forming around $2.95–$3.00.
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The $950 Million Question: Can Bulls Absorb Supply?. The main risk to the rally lies in the recent increase in XRP balances on exchanges.
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Outlook: Trend Depends on Supply Absorption. XRP’s next leg hinges on the market’s ability to absorb exchange supply while capitalizing on…
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Conclusion. XRP’s reclaiming of $3 marks a significant step for bulls, yet $950 million in XRP on exchanges…
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XRP surged past the $3 mark during early Asian trading, reclaiming a key psychological support level.
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Despite the upward momentum, on-chain trackers flagged 320 million XRP ($950 million) moving onto exchanges over the past week.
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Several factors are driving bullish sentiment for XRP. Traders are closely watching seven active spot XRP ETF filings, with decision windows set for October.
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Meanwhile, Ripple’s application for a U.S. OCC banking license has the potential to expand institutional participation.
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The combination of ETF buzz and banking ambitions is creating a constructive backdrop for XRP, particularly as Bitcoin continues to drive market-wide momentum.
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XRP’s daily chart shows a bullish structure forming around $2.95–$3.00. Key support zones include the 50-day SMA near $2.93 and Parabolic SAR around $2.74.
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A multi-month symmetrical triangle, originating in July, looms as the primary resistance. Traders are eyeing a daily close above $3.12–$3.30 to confirm a breakout.
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Technical indicators remain constructive: the RSI at 54 provides room before overbought conditions, while a pending MACD bullish cross signals potential continuation.
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The main risk to the rally lies in the recent increase in XRP balances on exchanges. Between September 26 and October 5, total exchange reserves climbed from 3.45 billion to 3.
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On-chain data indicates that some long-term holders are participating in profit-taking, increasing supply pressure near key resistance levels. Bulls will need to defend $3.00–$2.
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