XRP breakout momentum surged this week as the token crossed the critical $3.00 mark, backed by a wave of institutional trading volume. The push from $2.96 to $2.99, despite heavy resistance near $3.02, illustrates growing market confidence and accumulation by sophisticated players eyeing higher price extensions.

Midday Volume Surge Fuels Bullish Activity

On September 10, XRP witnessed a remarkable surge in trading volume between 12:00 and 13:00, reaching 116.7 million and 119.0 million units respectively. This represented over six times the 24-hour average of 48.3 million, signaling aggressive buying interest. Analysts interpreted the move as the breakout from a descending triangle formation, with projected Fibonacci targets extending toward the $3.60 range—contingent on continued momentum.

The heightened activity was also evident in the derivatives market. XRP futures open interest escalated to $7.94 billion, underscoring a significant rise in leveraged bets tracking spot price activity. These inflows suggest that institutional players aren’t just dabbling—they’re positioning with conviction.

Tracking Micro Breakouts and Support Formations

Between September 9 at 21:00 and September 10 at 20:00, XRP posted a modest 1% rise, moving from $2.96 to $2.99. However, the key breakout occurred in the midday window when XRP briefly rallied from $2.98 to $3.02 before encountering overhead pressure. This zone has now crystallized into near-term resistance.

By the session’s end, selling drew the token back down to $2.98. Yet, buyers swiftly stepped in, reclaiming support and closing near $2.99. Per-minute volume surged past 1.6 million during this phase—solidifying signs of strategic bids accumulating at the lower bound of the day’s range.

Key Technical Levels to Monitor

• Resistance: The $3.02 level remains a firm technical ceiling. The market has rejected this figure multiple times during peak sessions.
• Support: Intraday and closing support held tightly between $2.98 and $2.99, bolstering the case for upward continuation.
• Volume: Breakout volume metrics delivered strong validation, marking a definitive uptick in institutional activity.
• Structure: A consistent pattern of higher lows reveals steady accumulation. Traders interpret this as an optimistic build-up to a breakout.
• Indicators: Fibonacci levels suggest the next logical upside at $3.60, provided XRP can break above and maintain new local highs.

Market Sentiment and What Lies Ahead

Short-term focus remains on whether XRP can sustain daily closes above the $3.00 threshold. Achieving this would signal a shift in market structure, potentially transforming prior resistance into support and paving the way for bullish continuation.

All eyes are now on the reaction to the $3.02 zone. Should price disrupt this level with conviction, analysts forecast potential near-term extension targets between $3.20 and $3.60. Futures markets, meanwhile, maintain heavy positioning at $7.9 billion open interest—amplifying the potential for sharp moves, either way.

Beyond technical dynamics, traders are factoring in macroeconomic triggers. The Federal Reserve’s upcoming policy event on September 17 will likely influence broader crypto and risk asset flows. Rate cut expectations and shifting dollar liquidity are key catalysts that could buoy or buffet XRP’s trajectory in the days ahead.

Related: XRP Price: $12M Max Pain for Bears

XRP price chart indicating a breakout movement toward the $3.02 resistance zone.