XRP futures trading volume has hit a six-month high as whales build positions ahead of a September 15 vote. Spot ETF inflows are reinforcing a price floor near $1.40, with bulls now eyeing the $1.50 resistance level.
XRP derivatives markets are waking up after months of quiet trading. According to CryptoQuant, futures trading volume for the token hit a six-month high at the end of summer, with large holders aggressively accumulating positions ahead of a Senate vote on September 15.
Whales concentrate activity on Binance
Binance has become the dominant venue for this renewed derivatives interest, its share of trading volume dominating the charts by a wide margin ahead of the September 15 vote. Speculative interest in XRP derivatives had been largely dormant before this recent pickup.
The futures surge is not confined to speculative trading alone. US spot XRP ETFs recorded a net inflow of $18.96 million, pushing the combined assets under management of these funds to $1.48 billion.
Price holds above key support after August breakout
Spot markets reflect the same shift. In August, XRP broke through a downtrend that had persisted since the start of the year, sending the price to a peak of $1.65. By September 7, the coin had settled into a consolidation range of $1.34 to $1.48, holding around $1.40.
Now the price has established itself above the key moving average at $1.2739, which is acting as support. Sellers have been unable to push the price below that level while the market digests the new volume.
Bulls target $1.50 breakout
The return of large liquidity to futures markets always precedes volatility, and the synchronized inflow into ETFs alongside the ability to hold $1.40 points to preparations for a bigger move. The nearest task for the bulls is a break above $1.50, which, ahead of September 15, could open the way to a retest of the August highs.
Source: U.Today
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