XRP Slips to $2.94 after $3 Breakout as Reserves Hit High
XRP initially rallied above $3 on September 9 driven by Fed rate cut expectations, looming spot ETF applications, and large whale inflows of over 340 million XRP. Volume jumped to nearly 160 million, and exchange reserves hit a 12-month high, indicating potential sell pressure. On September 10, heavy institutional sell-offs at $3.03 pushed XRP down to $2.94, with resistance at $3.02 and support near $2.94–2.95. Traders now eye the SEC’s ETF rulings in October and the Fed’s expected 25 bp cut on September 17. A decisive close above $2.95/$3.00 could signal a bullish run toward $3.30–3.50, while rising reserves and liquidity measures will guide medium-term XRP momentum.
Neutral
The slip below $3 amid institutional sell-offs and rising exchange reserves suggests short-term bearish pressure, yet strong whale accumulation, Fed rate cut expectations, and potential spot ETF approvals underpin medium-term bullish catalysts. The market’s next moves will hinge on whether XRP can reclaim key levels around $2.95/$3.00 to trigger a sustained uptrend. As such, the immediate impact is mixed, warranting a neutral stance.