XRP rises past $3, with Bitcoin peaking as traders aim for $4 points. This bullish trend is driven by institutional actions and ETF filings.
On Sunday, XRP shot well beyond the crucial level of $3 in early Asian trading. This follows a decline to $2.95 that was soon reversed by high-volume purchases and accumulation by the whales.
The climb back reclaimed some important psychological support. XRP is poised to break out to at least $4.
The price range of $3.10-3.30 is now regarded as the battleground. Traders predict that breaking through the resistance level of $3.30 would lead to a rapid increase to an extent of between 4.00 and 4.20.
This reversal stems from the fact that the leveraged longs were massively flushed out, making it easy to have new accumulation.
Bitcoin has of late shot to new heights of over 125,000, and this gives XRP, among the other altcoins, good tail winds.
It is interesting to note the close correlation between price action and XRP and Bitcoin. New Bitcoin vigor has served to stimulate market sentiment and raise interest and inflows into XRP, particularly by institutional investors and whales.
This trend has been maintained with the recent uptrend of XRP that has been accumulating strongly during Asian hours.
Whale activity and on-chain flows into XRP wallets increased by over 160 million tokens in the last week, indicating a high level of buying activity amidst widespread crypto market volatility.
The following are some of the main drivers behind the modern-day boom of XRP. The traders are very keen on imminent regulatory rulings, particularly seven active ETF filings on XRP that are awaiting a decision in October. These future events are seen as binary price triggers in Q4.
Moreover, Ripple still continues to strengthen its ties with Japanese financial giant SBI, further increasing XRP lending initiatives and institutional adoption stories in Asia.
These advances increase investor confidence with regard to the long-term institutional integration of XRP.
Technical indicators favor a bullish bias, XRP protects a new base of between 2.95 and 3.00 on large volumes.
The relative strength index (RSI) is neutral to bullish, and a bullish crossover of the MACD is almost inevitable, which further supports the potential upside.
Now, XRP is at a crossroads, and its future profitability depends on the success of Bitcoin and future regulatory developments.
Breaking the $3.30 with heavy volume may initiate a breakout run to the $4 zone with a fresh round of speculative attention.
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