XRP price is almost regaining $3 as whales buy 250 million tokens and VivoPower secures $19 million to expand its XRP treasury.
Summary
- XRP trades at $2.98, up 5% in 24 hours, with volume up nearly 30%.
- Whales purchased 250M XRP worth $742.5M as VivoPower raised $19M for its XRP treasury.
- Technicals show XRP holding above key moving averages with $3 resistance in focus.
XRP is trading at $2.98, up 5% in the past 24 hours. The token has gained 4.8% over the past week and 6% in the last month, though it is still 18% below its July 18 all-time high. Trading volume has climbed 29.7% in the past day to $6.35 billion, showing stronger activity among traders.
According to CoinGlass data, open interest increased 8.29% to $8.01 billion, while the volume of XRP (XRP) derivatives increased 43.16% to $7.32 billion. Increased volume and rising open interest often indicate greater market participation and that traders are getting ready for more significant price movements.
Whale buying and XRP treasury moves
At the same time, large holders have been active. Analyst Ali Martinez noted on Oct. 2 that whales purchased 250 million XRP, worth more than $740 million, in just 48 hours. Such buying can add support to price levels and reduce short-term selling pressure.
Another wave of whale buying may be on the horizon. VivoPower International PLC, which is listed on the Nasdaq, announced on Oct. 1 that it would raise $19 million in equity from institutional investors through an offering for $6.05 per share. The proceeds will primarily be used to fund operations, retire debt, and purchase XRP for its treasury.
This comes after the company raised $121 million in May to launch its digital asset strategy with support from Saudi Prince Abdulaziz bin Turki bin Talal Al Saud.
The development comes ahead of key deadlines for seven spot XRP exchange-traded fund applications later in October. A first decision is due on Oct. 18 for Grayscale, with others including Canary Capital and WisdomTree later in the month.
The review process has been shortened by recent Securities and Exchange Commission rule changes, increasing the likelihood of approval. Increased demand for XRP on exchanges may result from approval.
XRP price technical analysis
At $3.14, a level that serves as resistance, XRP is trading close to the upper Bollinger Band. The relative strength index, which is at 54, shows neutral momentum with room to move either upward or downward.
The majority of other oscillators are neutral, indicating a balanced setup, even though the momentum and MACD indicators both display buy signals. Moving averages provide a stronger signal. XRP is trading above its 10-, 20-, 30-, 50-, 100-, and 200-day moving averages, all giving buy signals.
This points to a bullish trend, with support at $2.93 (20-day SMA) and $2.73 (lower Bollinger Band).XRP may move toward $3.40 to $3.50 if it breaks above $3.14. If $2.90 is not maintained, there may be a decline to $2.70.
