After weeks of sluggish performance, the XRP price has broken a key level as traders gear up for an “Uptober” rally and the SEC’s decision on multiple Ripple ETF filings.
Summary
- XRP price trades at $2.85 after bouncing from $2.70 support last week.
- Technical indicators hint at more upward movement with $3.20–$3.50 being a potential target.
- The US SEC is expected to give a decision on five major XRP ETF filings from asset managers like Grayscale, Bitwise.
- ETF approvals could unlock institutional demand and shift market sentiment.
XRP price is showing early signs of recovery after a dip to $2.70 last week, stabilizing just under the key $3 psychological level. The Ripple token has gained 2.6% in the past 24 hours, according to market data from crypto.news, fueled by optimism around the broader market recovery and the much-anticipated Uptober rally.
XRP price indicators hint at potential reversal
XRP (XRP) recently broke out of its tight trading range between $2.70 and $2.83, and is now trading at $2.85. While it remains slightly down 0.3% on the weekly chart, buyers appear to be regaining control.
Technical indicators support this narrative. The RSI has climbed to 45.79, signaling recovery from oversold territory, though it still lacks full bullish strength. Meanwhile, the MACD histogram is fading in red, indicating that bearish pressure is subsiding. However, the MACD line remains below the signal line, suggesting a need for stronger momentum to confirm a true reversal.
For bulls, the $2.90–$3.00 range is a crucial resistance zone. A successful daily close above $3 could trigger further gains toward $3.20 or even $3.50, especially if Uptober delivers on investor expectations. On the downside, $2.70–$2.75 remains key support, with failure to hold that zone potentially leading to renewed declines.
Looking ahead, October could be a pivotal month for Ripple. The U.S. SEC is set to rule on five major XRP ETF filings, including applications from Grayscale, Bitwise, 21Shares, and WisdomTree, between October 18 and October 25.
An approval could unlock a new wave of institutional demand, similar to what has been observed with Bitcoin (BTC) and Ethereum (ETH). For now, XRP holders are watching closely. A breakout above $3.00 could mark the beginning of a new bullish phase.
