XRP price has gained traction in September, and its retesting of the $3 level on Thursday could set the stage for extended gains. The crypto coin has risen by 5.5% in the last week, with four daily gains in that period. Furthermore, its trading volume was up by 14% on the daily chart at the time of writing, signifying bullish appetite undeterred by the price rise.
The conclusion of the SEC vs Ripple case has effectively erased doubts on the regulatory standing of XRP and opens the way for institutional adoption. However, the SEC’s move to postpone its decision on XRP spot ETF filing by Franklin Templeton to October has delayed the party. Nonetheless, there is widespread optimism that the approval will come. Ethereum’s success in the ETF market has demonstrated that institutional adoption can provide not only upside propulsion during market rallies, but also critical support during low season.
Meanwhile, Ripple’s expanded relationship with BBVA under MiCA compliance is making people hopeful that other banks in Europe could soon start using the technology. Also, there has been a dramatic increase in optimism after Ripple was granted permission to sell on the secondary market and XRP is no longer in danger. Interest from institutions is likely to grow, and Ripple can now focus on getting more people to use its digital currency and flourish.
XRP Price Forecast
The momentum on XRP price signals control by the buyers and calls for further upside if action stays above the pivot mark at $2.97. With that, the coin is likely to climb further and encounter primary resistance at $3.03. A stronger upside momentum will breach that barrier and could potentially test $3.07.
Alternatively, the XRPUSD pair could break below $2.97 and send the momentum towards the downside. If that happens, it could find its first support at $2.93. Breaking below that level will invalidate the upside narrative. Also, an extended control by the sellers could send the action lower and test $2.88.
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