XRP recently experienced a failed breakout above the $3.00 mark, largely due to heavy institutional selling, which caused the price to close at $2.94. Despite an initial rise to $3.035, significant trading volume led to a sell-off. Traders are currently focused on potential catalysts, including SEC decisions on ETF applications and a Federal Reserve rate cut coming on September 17. Exchange custody balances for XRP have reached a 12-month high, potentially indicating increased selling pressure. Market analysts see similarities to XRP's previous failure to maintain momentum above $3.00, signaling ongoing testing of this critical resistance level. The RSI indicates early bullish divergence, though high exchange reserves might hinder further upwards movement.

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