XRP price has bounced back above the $3 mark after a shaky September, regaining momentum and looking to climb higher.
Summary
- XRP price is back above the $3 level, gaining over 9% on the week after a period of underperformance.
- Institutional demand is growing, with looming ETF decisions and VivoPower building an XRP treasury.
- Price outlook hinges on holding above $3, with a breakout toward $3.40 possible if momentum continues.
XRP is trading at $3.02 at press time, up about 2% in the past 24 hours and more than 9% on the week. The return above $3 marks a strong comeback after weeks of underperformance, when the token struggled to regain momentum and slipped below $2.80.
The Ripple token’s price recovery comes amid a broader uptrend across the crypto market, driven by optimism that Uptober could trigger historic rallies.
Adding further strength to XRP’s (XRP) gains is growing institutional demand. Nasdaq-listed VivoPower International PLC announced on Oct. 1 that it plans to raise up to $19 million, with part of the funds allocated to purchasing XRP for its treasury. This follows other recent corporate moves into the asset, helping reinforce momentum around the token.
Also supporting sentiment are looming decisions on seven spot XRP exchange-traded fund (ETF) applications later this month. First in line is Grayscale’s proposal, scheduled for Oct. 18, with others, including Canary Capital and WisdomTree, set for later in October. Recent SEC rule changes have shortened the review timeline, increasing the likelihood of approval.
Approval of these ETFs could increase demand for XRP on exchanges, and with fresh demand in play, XRP’s recovery now faces the challenge of proving it can hold momentum and build toward higher levels.
Can XRP price push higher?
On the daily chart, XRP has broken back above its 20-day and 50-day moving averages, signaling short-term strength after weeks of sideways action. The $2.80 level acted as firm support throughout September, and holding above this base has helped the token reclaim higher ground.
The immediate resistance sits near $3.20, with a stronger barrier at $3.40, levels last tested in August. A sustained close above $3.02 could open the way toward these higher targets. On the downside, failure to stay above $3 risks another retest of $2.80, which remains the key support to watch.
If institutional interest continues to grow and ETF approvals come through, XRP price may find the momentum needed to extend its rally beyond $3.40.
