XRP(XRP), recovers $3 level… gains on SBI expansion and ETF expectations
Summary
- XRP(XRP) has broken the $3 level and continued its upward trend.
- Japan's SBI Holdings expansion of XRP lending services for institutional investors and the ETF review schedule acted as drivers of the rise.
- The market expects that whether the $3.10 resistance is broken will be a turning point for a further rise to $3.20.
XRP has broken the $3 level and continued its upward trend.
On the 2nd (local time), XRP rose about 3%, moving from $2.98 to $3.09 during the session on the Binance Tether (USDT) market. Short-term support is in the $2.99~$3.00 range.
This rise was triggered by Japan's SBI Holdings expanding XRP lending services for institutional investors. Analysts say XRP benefited as virtual asset infrastructure expansion in Japan accelerated. At the same time, the review schedules for seven XRP spot ETF applications pending at the U.S. Securities and Exchange Commission (SEC) raised market expectations. The first review result is scheduled to be announced on the 18th.
Prediction markets reflect an approval probability for the XRP spot ETF of over 99%. Accordingly, institutional buying flowed in, strengthening defense of short-term lows. However, selling concentrated around $3.10 has formed a resistance level. The market views whether this area is broken as a turning point that could open the way for an additional rise to $3.20.
Doohyun Hwang
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