XRP remains resilient above the $2.82 mark even after a sudden price dip, as technical indicators suggest a potential breakout toward $3.30. Despite pressure from institutional sell-offs that caused a 4% short-term decline, buyers stepped in to reestablish support, signaling sustained bullish interest amid broader market uncertainties.

Consolidation Holds as Traders Eye Key Catalysts

Recent trading activity shows XRP is consolidating for the 47th consecutive day below the $3.00 threshold, with the current price fluctuating between $2.81 and $2.89. The dip from $2.88 to $2.81 occurred on September 5, triggered by heightened institutional selling volume. However, a quick response from buyers stabilized XRP just above the critical $2.77 support zone, keeping bearish momentum in check.

Traders and analysts believe the price range between $2.88 and $2.89 represents a formidable resistance zone, confirmed by heavy historical trading volume. The broader market continues to monitor how XRP behaves against these levels, especially with upcoming macroeconomic and regulatory developments on the horizon.

Institutional Moves and Whale Accumulation

Anticipation is building around a series of spot
XRP ETF applications submitted by six institutional asset managers, with the U.S. Securities and Exchange Commission (SEC) expected to issue decisions in October. These filings have sparked debate within the crypto community about the future of institutional adoption.

Amidst this backdrop, whale investors have acquired around 340 million XRP tokens in recent weeks. Their continued accumulation, despite heightened volatility, suggests strong optimism about XRP’s long-term positioning. However, the elevated exchange balances—still above 3.5 billion XRP—remain a cause for concern. This level of token availability could create downward pressure if selling resumes across markets.

How XRP Price Is Behaving

Over the past week, XRP demonstrated 3% volatility, moving within a tight $0.08 range. The sharpest dip took place at 14:00 on September 5 when prices dropped from $2.88 to $2.81 amid the trade of nearly 280 million tokens. Since then, XRP has found short-term footing, stabilizing between $2.82 and $2.83 with reduced volume.

Currently, XRP is hovering just above the $2.77 support that serves as a crucial downside marker. If this level gives way, traders may witness a potential shift in sentiment. On the upside, a decisive move beyond the $2.89 mark could send XRP back toward testing the psychological $3.00 barrier and possibly breaking through to $3.30.

Technical Setup Suggests Potential Breakout

• Support Zone: The $2.77 to $2.81 bracket has repeatedly been defended by buyers, establishing a solid bid area.
• Resistance Levels: Immediate resistance lies at $2.88–$2.89. Key levels ahead include the round number $3.00 and the breakout threshold at $3.30.
• Momentum Indicators: The Relative Strength Index (RSI) is in the mid-50s range, suggesting a neutral to slightly bullish sentiment.
• MACD Indicator: The MACD histogram is converging toward a bullish crossover, indicating that upward momentum could revive if buying volume increases.
• Market Structure: XRP remains within a consolidation pattern lasting over one and a half months. A daily close above $3.30 would likely open the door for a move toward $4.00 and beyond.

Chart illustrating XRP’s recent price range and key breakout levels.

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

Key Factors Traders Are Tracking

• Whether XRP can maintain support at $2.77 if downward pressure resurfaces.
• Its performance during retests of the $2.88–$2.89 resistance zone, particularly if trade volume increases.
• Effects of continued whale buying amidst elevated exchange balances and associated supply dynamics.
• The SEC’s rulings on XRP spot ETF filings, which could serve as a major driver for institutional capital inflow.
• Macroeconomic influences, such as Federal Reserve interest rate decisions and inflation reports, affecting risk asset liquidity.

For now, XRP’s resilience above key support, paired with upcoming potential catalysts, keeps optimism alive among bullish traders. Market participants are closely watching both technical levels and fundamental developments as the asset inches toward a possible breakout zone.