XRP experienced significant gains following SBI's institutional lending initiative in Japan, with trading volume exceeding 160 million tokens and price breaking through key resistance levels. Buyers consistently defended the $2.93 support level during consolidation periods, while market attention focuses on the October 18 ETF decision deadline that could trigger the next breakout toward $3.00.
Market Overview
XRP recorded a 5.2% price increase between October 1-2, climbing from $2.84 to $2.97. This upward movement coincided with SBI's launch of an XRP lending program for institutional payments, demonstrating Japan's advancing cryptocurrency adoption. The rally occurs alongside Ripple CTO David Schwartz's transition to emeritus status and seven pending spot ETF applications facing SEC decisions starting October 18.
Price Movement Analysis
The cryptocurrency traded within a $0.16 range (5.6% volatility) between $2.82 and $2.98. The most significant breakout occurred at 08:00 on October 1, when XRP surged from $2.86 to $2.92 with 164.5 million tokens traded—more than double the daily average. Subsequent consolidation maintained strong support at $2.93 through multiple tests, while resistance solidified between $2.96-$2.98.
Technical Perspective
Support levels have elevated to $2.93 following repeated successful defenses, while resistance remains concentrated at $2.96-$2.98. The breakout gained validation from substantial volume increases, including a late-session surge of 4.8 million tokens, indicating strong institutional backing. The hourly chart displayed a classic ascending pattern with higher lows at $2.96-$2.97 leading to session peaks. Bullish momentum requires a decisive close above $2.98 to confirm movement toward the psychological $3.00 barrier.
Key Market Focus Points
- Sustainability of closes above $2.96-$2.98 range to establish $3.00 breakout potential
- SBI lending program's impact on Asian liquidity flows and continued buying pressure into U.S. trading hours
- Portfolio adjustments ahead of October 18 SEC deadline for seven spot ETF applications
- Broader cryptocurrency market confirmation as similar tokens gained 4-5% with increased volume