XRP’s Renewed Attention This September
XRP has regained attention this September as traders evaluate signs indicating a possible momentum shift. After briefly reaching the $3 mark in August, the token has since cooled off but continues to trade steadily around $2.80.
The pressing question for many is: is XRP gearing up for another upward movement, or could September signal a deeper correction?
Insights from the Derivatives Market
One of the clearest indicators came from the derivatives market. The open interest (OI) for XRP, which represents the total value of futures and options contracts, surged to over $3.5 billion during its ascent toward $3. This demonstrated robust speculative demand, as traders flocked to leverage bets on price fluctuations.
Since then, OI has decreased; however, XRP still holds above the $2.80 mark. Trader Tyler McKnight suggests that this could imply that the market is merely resetting after significant activity, rather than weakening.
Institutional Adoption Remains Cautious
Despite strong derivatives trading, institutional adoption has been slow. Unlike Bitcoin, which benefits from ETFs and substantial inflows, XRP is awaiting the approval of eight spot ETFs in the U.S. Even following the favorable court ruling, major firms are remaining cautious, with smaller players being the primary buyers at this time.
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As it stands, interest in holding XRP as a reserve asset is primarily seen among smaller players.
XRP’s Recent Performance
Over the past week, XRP’s price has already decreased by approximately 6.7%, trading near $2.83. On the weekly chart, the Moving Average Convergence Divergence (MACD) is nearing a bearish crossover, a pattern that previously indicated corrections of 50% or more in 2021 and again in early 2025.
If historical trends hold, XRP could potentially drift toward its 50-week EMA around $2.17, signaling a possible 25% decline. This coincides with the 0.618 Fibonacci retracement level, often regarded as a solid support zone.
Potential Upsides
Conversely, any favorable news could propel XRP back above the $3 threshold, and should it maintain that level, the next target might be approximately $3.36.
