Ripe for a Cringe? XRP Trembles Below $3

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Let the Tale of XRP Begin…

  • Oh, XRP, that delightful little coin! Tried so hard, yet failed to stay cozy atop the $3.00 mark, retreating to a melancholy $2.94 😔.
  • Traders are on tiptoe, ears pricked for the SEC’s October decisions and the Federal Reserve’s long-awaited wink towards a rate cut on September 17. Can you almost taste the suspense? 🍯
  • Exchange custody balances for XRP are sky-high, like a sugar spike in dough. Are those hands itching to push that button of liquidity? 🤔

Oh dear. On September 9-10, XRP scurried away from its bright dreams of $3.00, tumbling down under the weight of institutional selling – yes, even the big players decided to shuffle their feet.

Despite a brave dash to $3.035, the floodgates of volume-dumping lovers came to spoil the party, dragging our friend back to $2.94 by the end of the session. Who needs proper manners, anyway?

It seems $3.02 looms like a formidable castle moat; traders jitter at ETF prospects and swelling reserves under its wall.

News Background: Behind the Thrills and Spills

• The wise old Federal Reserve is expected to cut rates down by 25-basis point at the September 17 meeting. Do you hear the monetary river flowing? 🚀
• Six stout XRP spot ETF applications eagerly await the SEC’s blessings in October – a roll of the dice for all the formal kiddos out there.
• XRP’s exchange custody balances have reached Everest heights, and some are worrying whether that means a landslide of sellers is imminent, despite recent whale gulps 🐋.
• Analysts see shadows of XRP’s July false start, whispering fables of the $3.00 barricades in stone again.

A Wild Goose Chase

• XRP danced in a $0.10 space from $2.935 to $3.035 between 03:00 on September 9 and 02:00 on September 10 – a tiny little ballet for the brave.
• In a morning gambol, it reached $3.035, only to face the regression dragon at the $3.02 mountain.
• 14:00 saw a dramatic fall from $3.018 to $2.956 on 165.67M volume – nearly tripling the usual gossip. Quite the gym-class drop table for the bears!
• The day folded back in with $2.94-$2.96, and oh, the snooze fest of 650k volume per minute.

Technical Analysis: The Undercover Secrets

• Resistance: Alas, the $3.02-$3.04 wall stood tall, leaving XRP befuddled and weak from its efforts.
• Support: $2.94, that little safety blanket, clung tight, suggesting some big-shot investors liked the spot a lot.
• Momentum: RSI hinted at a secretive smile but had to revert with high reserves casting looming doubts.
• Structure: The breakout bash ended too soon, suggesting a jig within $2.94-$3.00 is the new dance form without a turnout.
• Range: 3% zigzag sounds like 3% zest, but it really speaks of institutionally-induced hiccups.

What Traders Are Making Sticky for

• Will XRP burst through the $2.95 clouds, threatening an audacious leap to $3.02?
• With exchange custody at record highs, it’s like waiting to see if all that chocolate will flood the market – yikes!
• Await the SEC’s grand October pronouncements like eagerly awaited it all depends – potential fairy dust for adoption.
• Judges at portfolio are scrutinizing the Fed’s rate decision, waiting to see how it shakes currency sugar from vents of liquidity.
• Those recent whale moves and their 340M token treasure trove could salvage the XRP ship, where gravity pulls toward exchange seepage.

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2025-09-10 08:20