XRP (XRP), recovers the 3-dollar level…"Whether ETF approval will determine the direction"

XRP (XRP) has broken back above the psychological resistance level of 3 dollars and continues its upward trend. This is attributed to strengthened buying across the altcoin market in line with Bitcoin (BTC)'s record-high rally.

On the 5th (local time), according to cryptoasset (cryptocurrency) CoinDesk, XRP recovered the 3-dollar level, and traders view the 3.10~3.30 dollar range as a short-term key inflection point. Some say that if this range is broken upward, it could rise to 4.00~4.20 dollars. The price, which had fallen to 2.95 dollars the previous day, turned into a rebound accompanied by large trading volume on the day.

In the market, it is expected that the recent XRP exchange-traded fund (ETF) filings will act as a key variable for fourth-quarter price movements. The seven XRP ETF filings currently pending with the U.S. Securities and Exchange Commission (SEC) may have results announced in October. Also, SBI, Ripple's Japanese partner, expanded last week its XRP-linked lending program, increasing expectations for institutional adoption in the Asian market.

Meanwhile, last week XRP wallet inflows were reported to have increased by more than 160 million during the same period. This is interpreted as whale investors (large holders) buying at low prices.

The outlet analyzed, "Technically, the 2.95~3.00 dollar range is acting as short-term support, 3.03 dollars is short-term resistance, and the area above 3.30 dollars is cited as the main breakout point."

It added, "If XRP settles above 3 dollars, attempts to break 3.30~3.50 dollars will follow," and forecasted, "Whether the SEC approves the ETF, whale wallet movements, and increased liquidity in the Asian market are the key variables for the short-term uptrend."