• XRP is down 2% and trading below $3.0
• The coin could rally towards $3.3 once it overcomes the $3.1 resistance level.
• Traders are keeping an eye on the SEC's decision on XRP ETF applications later this month.

The cryptocurrency market had a positive weekend, with Bitcoin racing to a new all-time high above $125k. Altcoins also rallied higher, with XRP trading above $3.0 over the weekend.

However, the market has slightly retraced as a new weekly candle opens. Bitcoin is trading below $123,500, while XRP has dropped below $3.0. Despite that, traders are eyeing fresh highs for XRP amid renewed optimism.
 

XRP failed to overcome the resistance at $3.1

XRP, the native coin of the Ripple ecosystem, added 4% to its value over the last seven days. The coin rallied higher over the weekend but failed to overcome the resistance level at $3.1.

Despite that, traders remained optimistic about XRP’s near-term performance as Bitcoin and Ether record massive gains. Bitcoin’s gains in recent days can be attributed to strong institutional inflows into Bitcoin-related products.

U.S spot Bitcoin ETFs recorded an inflow of over $3 billion last week. The strong institutional demand comes amid the U.S. government shutdown, with investors eyeing risk-based assets like Bitcoin and Gold as safe havens.

Ether’s spot ETFs also recorded excellent inflow over the last few days. XRP could soon join the party as the US SEC is close to making decisions on several spot XRP ETF applications.

If approved, institutions could have increased exposure to the cryptocurrency, which could result in XRP’s price soaring to new highs.

For the remainder of the month, traders are keeping an eye on the SEC’s October 18 ETF decision window to see if it will approve the XRP and other altcoin ETF applications on its table.

Whale wallet flows and on-exchange reserve changes will also give a clue to XRP’s near-term performance. Finally, the Fed’s rate decision later this month could play a crucial role in determining whether XRP’s price sets a new all-time high soon. 
 

XRP could rally to $3.3 if it overcomes the resistance at $3.1

The XRP/USD 4-hour chart remains bullish and efficient despite XRP losing 2% of its value in the last 24 hours. The coin has added 4% to its value over the last seven days and could rally to new highs in the coming days.

The momentum indicators switched bullish a few days ago, suggesting that buyers are currently in control. The RSI of 52 is above the neutral 50, indicating a bullish bias at the moment. The MACD lines have also flashed a buy signal after crossing the neutral zone.
 

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After failing to overcome the $3.1 resistance level over the weekend, XRP could attempt to push past it once again in the coming hours or days.

Breaking past the $3.1 resistance would allow XRP to rally towards the next major resistance level at $3.3 in the near term.

However, failure to push past $3.1 could see XRP retest the support level at $2.70. This support level will likely hold as the broader crypto market is currently showing strength.

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