XRP Price Stabilizes at $2.99 Amid ETF Speculation and Market Rally

XRP’s price has found stability at $2.99, reflecting growing institutional interest and potential bullish momentum. This comes as the broader cryptocurrency market experiences a rally, with total market capitalization rising 4.2% to $4.17 trillion.

Key Market Developments

• XRP price holds steady at $2.99, breaking past the $2.80 resistance level defended since late September
• Total crypto market cap increases to $4.17 trillion, a 4.2% gain
• Upcoming SEC decisions on spot XRP ETF applications, with key rulings beginning October 18
• Large wallets accumulate over 340 million XRP in two weeks, worth nearly $1 billion

Technical Analysis and On-Chain Metrics

XRP is currently consolidating near the $2.99 level, testing the 38.2% Fibonacci retracement at $3.00. Key resistance zones lie ahead at $3.18, $3.33, and $3.50. Technical indicators show:

• MACD crossover last week confirmed a buy signal
• RSI remains neutral at 52, leaving room for potential upside

On-chain data from analytics platform Santiment reveals significant whale accumulation:

• Wallets holding 10M-100M XRP added 340 million tokens in the past two weeks
• These large holders now control nearly 8 billion XRP collectively

Market Factors Driving XRP Performance

Several factors are contributing to XRP’s current price action and market sentiment:

1. ETF Speculation: Multiple spot XRP ETF applications are awaiting SEC decisions, including filings from major asset managers like Grayscale, Franklin Templeton, and WisdomTree.

2. Macro Economic Concerns: Fears of a potential U.S. government shutdown have led some investors to rotate into digital assets as a potential hedge.

3. Institutional Interest: Open interest in XRP futures remains high, indicating strong institutional confidence in the asset.

4. Bitcoin Dominance: Bitcoin’s 58% market dominance could potentially cap altcoin upside if BTC experiences a correction from current levels.

Key Levels to Watch

• Support: XRP must maintain support above $2.95 to preserve its bullish structure
• Invalidation: A break below $2.60 would invalidate the near-term optimistic outlook
• Resistance: Watch for reactions at $3.18, $3.33, and $3.50 levels

As institutional interest continues to grow and technical momentum remains intact, XRP enters October as one of the most closely watched assets in the cryptocurrency market.

This article is for informational purposes only and should not be considered financial advice. Always conduct your own research before making investment decisions.