XRP Rejected at $2.88 as Traders Eye October ETF Decisions
XRP slipped on Thursday after failing to break through resistance near $2.88–$2.89, with heavy selling erasing earlier gains despite mounting speculation over potential spot ETF approvals.
The token dropped 4% from $2.88 to $2.84 in the final hour of trading on Sept. 5, breaching short-term support at $2.86 and $2.85. Trading volume soared to 227.75 million at its midday peak, nearly quadruple the daily average, highlighting strong institutional activity.
XRP ended the session at $2.84, just above primary support near $2.77. Analysts point to the 47-day consolidation range as a potential precursor to a breakout, similar to patterns seen in 2017 ahead of XRP’s historic rally.
ETF optimism remains a central driver. Six asset managers, including Grayscale and Bitwise, await SEC rulings in October on spot XRP ETF applications, with approval odds pegged near 87% following Ripple’s settlement with regulators.
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