- •XRP price consolidates near $3.03 after a volatile week, with traders awaiting SEC's decision on ETF filings.
- •Technical support at $2.85 and resistance near $3.20 keeps XRP in a tightening triangle pattern.
- •On-chain data shows early signs of accumulation, with institutional interest rising ahead of SEC review.
XRP’s price hovers near $3.03, holding firm after a turbulent week. The digital asset saw a sharp rebound from the $2.85 support level, signaling a possible trend shift. As traders prepare for the U.S. Securities and Exchange Commission (SEC) to begin reviewing multiple XRP ETF applications on October 18, the cryptocurrency faces a crucial test that could shape its future price action.
According to TradingView data, XRP is currently trapped within a narrowing symmetrical triangle pattern. Resistance lies near the $3.15 to $3.20 range, while support is firmly set at $2.85. The 20‑day and 50‑day exponential moving averages (EMAs) at $2.94 and $2.93, respectively, continue to support the price, creating a technical floor for the asset. The 200‑day EMA at $2.62 also ensures the long‑term uptrend remains intact.
The Relative Strength Index (RSI) is hovering around 56, reflecting moderate bullish momentum. After bouncing from oversold territory in late September, XRP appears to be consolidating within a compressed range. Traders are patiently awaiting a decisive breakout.
ETF Filings Spark Institutional Interest
Market sentiment around XRP has strengthened, fueled by anticipation of the SEC’s ETF review process. Major issuers like Grayscale, ProShares, and Franklin Templeton are part of the filings, with proposed fund sizes ranging from $200 million to $1.5 trillion. Should the SEC approve any of these applications, it could result in significant institutional capital inflows into the XRP market.
Historically, the approval of Bitcoin and Ethereum ETFs has been followed by price surges and sustained accumulation phases. XRP’s price could see a similar response if the SEC approves even one of these ETF filings.
On-Chain Data Shows Cautious Positioning
On-chain data from Coinglass highlights that XRP experienced a net outflow of $11.1 million on October 4, likely due to short‑term profit‑taking after last week’s price jump. Despite these outflows, the general trend since late September indicates a gradual shift from heavy outflows to more neutral net flows. This change suggests early signs of accumulation as traders await the SEC’s decision.
Although the inflow‑to‑outflow ratio remains relatively subdued, any surge in positive net flows above $50 million could signal the beginning of a more pronounced institutional accumulation phase.
XRP’s near‑term price outlook remains cautiously optimistic. The SEC’s ETF review will be pivotal for future momentum. As long as XRP maintains its position above the $2.85 support, the price could target the $3.20 level and possibly extend to $3.35–$3.60. A breakdown below $2.85 would shift focus back to the $2.62 level, delaying bullish prospects. The next ten trading days are crucial for determining whether XRP will enter a new phase driven by institutional interest.