Key Insights:
- XRP price faces strong resistance at $3.05 and $3.15 to rally towards $3.6
- Whales are silently exiting XRP with whale flow still in negative territory.
- All eyes on REX-Osprey XRP ETF inflows on first day.
XRP price holds above $3 after a 7% jump in a week amid a broader crypto market rebound. It now faces strong resistance at $3.05, which would be difficult to clear amid a lack of support from whales and institutions.
CoinShares’ flows report highlighted that institutional inflows in XRP dropped significantly, but analysts expect a rally towards $3.6. Will whales return as REX-Osprey XRP ETF launches today?
Ripple Whales Continue Profit Booking
Multiple XRP movements from unknown whale wallets were reported in the last few days. Whale Alert reported a transaction of 17.84 million XRP ($52 million) from an unknown wallet to Coinbase.
Notably, whales have been exiting XRP since August. On September 12, Ali Martinez reported that whales sold an additional 40 million XRP in the last 24 hours.
He noted that the large investors or whales have continued profit booking since hitting an XRP price hit an ATH of $3.65.
Meanwhile, it seems that Ripple ETF anticipation has failed to convince whales with 10 million-100 million coins to back further upside in XRP price. This coincided with liquidations of long positions over the last few days.
As The Coin Republic reported earlier, Ripple whale flow sharply flipped into negative territory, indicating steady outflows from large wallets. XRP price uptrend to stay structurally weak unless whale flows turn positive.
XRP Price Prediction Amid ETF Buzz
Ali Martinez highlighted two bullish scenarios for XRP price rally. First, the price needs to break above $3.05 for a surge to $3.6 in the coming weeks.
While another follows a fall to $2.8 first, followed by a break above $2.9 and $3.6 next. However, both scenarios need to confirm a breakout above $3.15 resistance, a 50% Fibonacci retracement level.
XRP price broke out of its triangle consolidation, regaining a continuation of its broader bullish trend. The structure showed a clean rejection of the support line, transitioning the trend into higher lows.
As long as Ripple price sustains above the $2.95-$3 range, upside momentum remains. Bulls eye a potential rally toward $3.35 and $3.5 next, with chances of testing higher zones if momentum accelerates into late September.
All eyes are on inflows into the REX-Osprey XRP ETF on the first day, which would determine upward or downward movement.
Meanwhile, the SEC continued to delay their decision on XRP ETF applications by Grayscale, Bitwise, Canary, 21Shares, WisdomTree, CoinShares, and Franklin Templeton.
On Thursday, DTCC listed the Canary XRP ETF, along with a Fidelity Solana ETF and a Canary HBAR ETF. The listings signal the ETFs are near SEC approval.
XRP Price Jumps Amid Trading Activity
XRP price jumped 2% in 24 hours and 7% in a week. The price was trading at $3.1 at the time of writing, with a 24-hour low and high of $2.98 and $3.07, respectively.
Trading volume remained muted, indicating a lack of interest among traders.
In the daily timeframe, the price moves just above the 50-SMA. Whereas the Relative Strength Index (RSI) was at 56, signaling a potential consolidation around the current price.
CoinGlass data showed buying in the derivatives market in the last few hours. At the time of writing, the total XRP futures open interest jumped 3% to $8.59 in 24 hours.
The 4-hour XRP futures open interest on CME and Binance fell by more than 0.5% and 0.90%, respectively.