XRP pierced the $3.00 psychological threshold in a heavy-volume session that signaled strong institutional flows. The rally carried the token from $2.96 to $2.99 in 24 hours, with midday breakouts on volumes six times the daily average. Despite facing resistance near $3.02, the market structure suggests accumulation, with bulls defending support around $2.98 as traders gauge momentum for a push toward higher extension levels. News Background • The September 10 midday rally was fueled by a volume explosion of 116.7M and 119.0M units within the 12:00–13:00 hour, far exceeding the 24-hour average of 48.3M. • Futures open interest climbed to $7.94B, showing heightened derivatives positioning alongside spot activity. • Analysts flag a descending triangle breakout scenario with measured targets in the $3.60 area if momentum persists. • Broader risk assets continue to track Federal Reserve expectations, with rate cut bets supporting flows into large-cap crypto assets. Price Action Summary • XRP advanced from $2.96 to $2.99 in the September 9 21:00 to September 10 20:00 trading window, a 1% gain within a $0.09 band. • The breakout occurred during the 12:00–13:00 window, when XRP spiked from $2.98 to $3.02 on 119M volume, setting a short-term resistance zone. • The final hour saw selling pressure push the token to $2.98, before buyers re-established support and closed near $2.99. • Volume spikes of over 1.6M per minute during the late session confirmed institutional bids stepping in at discounted levels. Technical Analysis • Resistance: $3.02 remains the immediate ceiling after multiple rejections during peak trading. • Support: Buyers repeatedly defended $2.98–$2.99 across multiple retests. • Volume: Breakout volumes at midday were six times the daily average, validating the move. • Structure: Higher lows formation suggests sustained accumulation despite resistance caps. • Indicators: Technicals point to a breakout scenario, with Fibonacci extensions projecting potential upside toward $3.60. What Traders Are Watching • Whether XRP can sustain closes above the $3.00 mark to flip resistance into support. • Reaction to $3.02 resistance — a breakout could extend targets to $3.20–$3.60 in coming sessions. • Futures positioning and open interest at $7.9B, which could amplify volatility around key levels. • Macro drivers from the Federal Reserve’s September 17 policy meeting and dollar liquidity outlook.
