XRP Price Eyes Breakout While ETF Decisions Loom in October
XRP (XRP/USDT) rose 3% in the last 24 hours, trading near $3.02 as investor sentiment strengthens on the back of SBI’s lending program and anticipation surrounding upcoming ETF decisions. According to on-chain flows, renewed institutional interest is fueling momentum, with traders keeping a close eye on the October 18 deadline, when the first rulings on pending XRP ETF applications are expected.
The chart shows XRP rebounding from the $2.80 support zone, with buying volume picking up after several days of consolidation. This bounce positions the asset just below the orange resistance band at $3.20, which has been a ceiling for price action in recent months.
“ETF speculation and lending products are bringing liquidity back into XRP markets. If $3.20 breaks with volume, the rally could extend toward $3.60,” According to BITX market strategists.
Technical Breakdown
- Support zone: $2.80 – $2.85
- Current price: $3.02
- Immediate resistance: $3.20
- Extended target: $3.60 – $3.80
- Volume: 33.6M
The structure highlights a recovery from a descending channel breakout in June, which provided the technical base for XRP’s summer rally. Since then, price has been oscillating between the green demand band and the red supply zone, forming a wide consolidation range.
Analysts note that ETF anticipation remains a key driver of sentiment, particularly as seven XRP ETF applications are still under review by regulators. Combined with SBI’s lending program, which offers additional yield opportunities for holders, the fundamentals suggest a stronger demand pipeline.
“The $3.00 anchor level is critical. Sustaining momentum here improves the probability of an ETF-driven breakout in the coming weeks,”According to BITX analysts.
For now, XRP traders are watching whether the token can push through the $3.20 barrier. A confirmed breakout could open the way to retest the $3.60–$3.80 supply zone, while failure to hold above $3.00 may result in renewed range trading around support.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.