XRP Price Continues to Grind Against Resistance at $1.60

XRP has seen a significant weekly gain of 15.92% to reach $1.54, putting it back against the 1.55, $1.60 resistance zone.

The token's price has been volatile in recent weeks, reaching as high as $1.65 on September 23 before retreating towards $1.48. However, with renewed demand from U.S. spot XRP ETFs and accumulation by large holders, the momentum is currently favoring buyers.

According to Santiment data, large holders accumulated approximately 1.54 billion XRP within a 96-hour period while the token was trading near $1.40 following the market reaction to the failed CLARITY Act vote. This buying activity has contributed to the strengthening of the price, which moved from roughly $1.41 on September 20 to $1.53 the following day before eventually testing above $1.65.

EGRAG Crypto, an analyst, sees XRP as being 'squeezed' due to the convergence of its 21-day, 50-day, and 100-day exponential moving averages with a macro trendline near price. He believes that reclaiming $1.55 could strengthen momentum, while failure might keep the focus on the 1.40, $1.41 support zone nearby.

The recent accumulation of XRP by large holders has been accompanied by ETF demand, which continues to build below resistance. As of September 24, U.S. spot XRP ETFs had attracted $14.89 million in daily net inflows, taking cumulative net inflows to approximately $1.76 billion.