XRP Gains 3% as SBI Lending and ETF Catalyst Drive Flows

Core Insights - XRP has seen a price increase, surpassing $3.00, driven by institutional demand and significant trading volumes, establishing a short-term support level around $2.99 [1][2] - The rise in XRP's price is attributed to SBI Holdings' expansion of institutional lending services and the anticipation of a U.S. ETF decision, with approval odds now exceeding 99% [2] - Technical analysis indicates strong support at $2.99–$3.00 and resistance at $3.10, with professional accumulation observed above the $3.00 mark [4] Market Activity - XRP experienced a 3% increase from $2.98 to $3.03 between October 2 and October 3, coinciding with SBI's lending rollout [2] - The trading range for XRP was noted at $0.15 (4.9%), with significant volume spikes indicating institutional interest, particularly a surge from $3.00 to $3.06 on 212.6 million tokens [6] - Profit-taking was observed as XRP dipped from $3.03 to $3.02, highlighting the volatility and active trading environment [6] Technical Analysis - Support levels are confirmed near $2.99–$3.00, while resistance is firmly established at $3.10, where institutional selling pressure is concentrated [4] - A consolidation band above $3.00 suggests ongoing professional accumulation, with the need for sustained closes above $3.10 to target the next price level of $3.20 [4] Trader Sentiment - Traders are closely monitoring XRP's ability to maintain prices above $3.00 and retest the $3.10 resistance level [7] - Institutional positioning is shifting in anticipation of the upcoming ETF deadlines on October 18, which could influence market dynamics [7] - The impact of SBI's lending flows on Asian liquidity trends is also a point of interest for traders [7]