XRP News Today: XRP's $2.70 Stand: A Regulatory Crossroads for Crypto Optimism

XRP has recently demonstrated resilience near the $2.70 support level, with buyers defending this critical price zone and showing signs of speculative interest as the U.S. Securities and Exchange Commission (SEC) approaches a decision window for pending XRP-backed exchange-traded fund (ETF) applications by October 18 [1]. The price action indicates that XRP has consolidated around $2.88 following a 3% intraday rally, with technical indicators such as the Bollinger Bands narrowing around key support at $2.70 and resistance at $3.07 [1]. A breakout above the $3.07 level would likely trigger a retest of $3.20, with a longer-term target at $3.45, particularly if speculation around the ETF approval intensifies [1].

Despite the recent price gains, the trading volume for XRP has declined by 10.3% over the past 24 hours, suggesting that the rally was driven more by speculative demand than broad-based market buying [1]. This is corroborated by derivatives data from Coinglass, which shows that XRP futures trading volume increased by 17% and open interest rose by 3% in the same period [1]. The increase in open interest suggests that new positions are being added, indicating a continuation of speculative activity ahead of the expected regulatory decisions.

On the bearish side, the current lack of strong spot market demand and the overexposure of leveraged bullish traders present a risk to XRP’s near-term price trajectory [1]. A breakdown below the $2.70 support level could lead to a retracement toward $2.50, potentially undermining recent gains. Whale accumulation, however, has provided some liquidity support, with over 340 million XRP purchased by large holders in two weeks [2]. This activity has helped defend the $2.70–$2.73 price range, and large-volume rebounds have occurred during dips, suggesting that institutional and large traders are positioning for a potential breakout [2].

Looking at the broader market context, XRP’s price movements are closely tied to the outcomes of the upcoming SEC decisions [2]. Analysts estimate that the approval odds for the XRP ETF applications are above 80% [2]. Such a development could trigger substantial institutional inflows similar to the impact seen with Bitcoin ETFs, potentially pushing XRP toward $3.88, a level representing a 39% increase from its current price. Conversely, a rejection could lead to renewed volatility and a retest of the $2.40–$2.50 support zone [2].

XRP’s long-term potential is also bolstered by real-world adoption, including recent institutional allocations by companies like Gumi in Japan [2]. Ripple’s partnerships with banks, remittance firms, and central bank digital currency (CBDC) pilots in regions such as Georgia, Bhutan, and Palau further support XRP’s utility in cross-border transactions. Technical indicators, including a spinning bottom near $2.70 and buy signals from the TD Sequential indicator, suggest a potential reversal in the short term [2]. A sustained move above $2.90 could set the stage for a test of $3.30–$3.60 in the coming weeks [2].

As XRP holds its critical support, the next few weeks will be pivotal in determining whether the token can maintain its consolidation and break toward the $3.00 threshold. With speculative demand increasing and whale accumulation providing a liquidity cushion, the potential for a sharp price move in either direction remains high as the market awaits the SEC’s decision.

Source: [1] Ripple (XRP) Price Moves Toward $3 as Community ... (https://finance.yahoo.com/news/ripple-xrp-price-moves-toward-215804400.html) [2] Ripple XRP Price Forecast: XRP-USD Holds $2.70, Eyes ... (https://www.tradingnews.com/news/ripple-xrp-price-forecast-xrp-usd-consiliates-at-2-70-usd)