XRP Struggles at $3 as Institutional Selling Caps Gains

XRP faced heavy selling pressure on September 9–10, struggling to maintain momentum above the critical $3.00 mark. Despite briefly hitting $3.035, the token met strong resistance at $3.02, with institutional liquidation erasing upside attempts. By session close, XRP slipped back to $2.94, signaling market hesitation at this key barrier.

The rejection mirrors XRP’s July breakout failure, with analysts highlighting $3.02–$3.04 as a formidable resistance zone. Trading volume surged, especially during a 14:00 selloff, where $165.67 million worth of XRP changed hands—almost three times the daily average. Price later consolidated between $2.94 and $2.96 on lighter activity, hinting at accumulation but lacking strong momentum.

Technically, the $2.94 level is holding as short-term support, suggesting institutional players may be buying dips. However, with exchange reserves at a 12-month peak, near-term selling pressure remains a concern. RSI signals early bullish divergence, but without renewed volume, XRP could remain trapped in the $2.94–$3.00 consolidation range.

Market sentiment now hinges on key catalysts. The Federal Reserve’s September 17 meeting is expected to deliver a 25-basis-point rate cut, potentially boosting risk assets through added liquidity. Meanwhile, traders are closely watching the SEC’s October review of six XRP spot ETF applications, a decision that could accelerate institutional adoption if approved.

Adding to the mix, whale wallets have accumulated over 340 million XRP in recent weeks, raising speculation that large-scale buying could offset exchange distribution. Still, traders remain cautious, monitoring whether XRP can sustain closes above $2.95 and mount a breakout past $3.02.

With resistance firm and exchange balances high, XRP’s near-term outlook remains volatile, with ETF rulings and Fed policy poised to determine the next decisive move.