XRP Price News: XRP Holds $2.9, ETF Hype Faces $3.00 Resistance

XRP-Spot ETF Hype: Are Issuers Hauling XRP Supply?

Speculation about the potential approval of spot ETFs lifted XRP above $3 for the first time since August 28.

Ripple’s XRP Holdings Under Scrutiny

Crypto supply-demand trends are typically the key price drivers. A prominent market commentator raised a crucial question regarding issuers’ access to Ripple’s XRP holdings. Zach Rector, with more than 86k followers, referred to rulings from the resolved SEC vs. Ripple case, stating:

“My understanding is that Ripple already restructured ongoing sales of XRP during the lawsuit to avoid the “investment contract” that Torres found in institutional sales. The injunction on those sales remains in place though, and I am assuming ETF issuers will NOT be able to buy from Ripple directly for their Spot XRP ETFs.”

Court Rulings and Ongoing Restrictions

Rector referenced the final Judgment in the Ripple case. In 2024, Judge Torres fined Ripple $125 million for breaching US securities laws. Judge Torres also imposed an injunction prohibiting the sales of XRP to institutional investors. The injunction could potentially prevent Ripple from selling the token directly to spot ETF issuers.

In June 2025, Judge Torres rejected the SEC and Ripple’s joint motion for an indicative ruling, maintaining the injunction and the $125 million penalty.

ETF Issuers Turning to Exchanges

Rector noted that the existing injunction would mean that issuers would have to acquire XRP from CEX and OTC desks to meet demand. However, Rector made an interesting point about recent exchange activity, including Coinbase (COIN) slashing its XRP holdings, stating:

“We are currently seeing XRP leave exchanges rapidly! We already know many of us are pulling XRP from exchanges to self-custody. However, I speculate some of these outflows could also be ETF issuers securing their supply of XRP before the big Go Live moment next month.”

Legal Perspectives on Ripple’s Sales

Pro-crypto lawyer Fred Rispoli responded to Rector’s comments, stating:

“Yes, Ripple has restructured its sales that were not blind bid (aka retail that was okay with Torres). We know this because Ripple said it in their briefing to Torres. How they changed them, and whether that change is legal, is not known.”

Looking ahead, Rispoli concluded:

“But with the new administration and new SEC, there is close to zero chance the SEC would file another lawsuit. Any issues that arise (and they likely won’t with this hands-off SEC) would be addressed the “American Way” (backdoor, non-public discussions).”

BlackRock Speculation Heats Up

If Rector’s theory is right, Coinbase’s recent XRP offload suggests BlackRock (BLK) is preparing for an iShares XRP Trust filing. Coinbase reportedly slashed its XRP holdings by 69% in recent months. The news fueled speculation over BlackRock acquiring the excess supply ahead of a potential spot XRP ETF filing.

Kenny Nguyen, a prominent crypto commentator, stated:

“Coinbase currently holds approximately 132 million XRP across eight cold wallets, with each wallet containing about 16.5 million XRP, shrinking from 750 million XRP strategic reserve. Coinbase is a BlackRock partner; let that sink in. They are preparing for XRP Spot ETFs!”

Why BlackRock Matters

BlackRock’s iShares Bitcoin Trust (IBIT) and iShares Ethereum Trust (ETHA) have been pivotal to the early successes of the crypto-spot ETF market. For context, IBIT has reported total net inflows of $58.8 billion since launch, making it the third-largest BTC holder. IBIT also dwarfs #2-ranked Fidelity Wise Origin Bitcoin Fund’s haul of $11.9 billion, underscoring the importance of BlackRock’s presence in the ETF space.

Robust demand for BTC-spot ETFs drove BTC to a record high of $123,731 on August 14. The token could break out from its all-time high of $3.66 if spot ETFs see similar demand to the BTC-spot ETF market.

Price Action & Technical Analysis

XRP fell 0.78% on Tuesday, September 9, partially reversing Monday’s 3.22% rally to close at $2.9478. The token underperformed the broader market (-0.18%), but briefly broke above the psychological $3 level. Traders are watching the following technical levels:

• Support: $2.8, $2.7, and $2.5.
• Resistance: $3.0, $3.335, and the all-time high at $3.66.

In the near term, several key catalysts could drive price action:

• Spot ETF headlines: Approval or delays of spot ETF reviews could affect buyer appetite. A BlackRock (BLK) iShares XRP Trust filing would likely be a price catalyst.
• Institutional Adoption: Blue-chip companies could purchase XRP as a treasury reserve asset, potentially sapping supply.
• Regulatory milestones: Ripple’s US-chartered bank license application, legislative developments, including the Market Structure Bill, and SWIFT headlines may further influence sentiment.

Catalysts & Scenarios

XRP’s outlook hinges on corporate, macroeconomic, and regulatory events. Potential price scenarios include:

Bearish Scenario

• Legislative setbacks, including delays to the Market Structure Bill’s passage in the Senate or roadblocks to crypto-friendly regulations.
• Blue-chip companies dismiss XRP as a treasury reserve asset option.
• OCC contests or rejects Ripple’s US-chartered bank license.
• SWIFT maintains global remittance dominance, capping Ripple’s market access.

These bearish events could drag XRP below $2.8, with $2.7 and $2.5 the next key support levels.

Bullish Scenario

• BlackRock applies for an iShares XRP Trust, and the SEC approves XRP-spot ETFs.
• Blue-chip companies hold XRP as a treasury reserve asset, and more payment platforms integrate Ripple technology.
• Ripple secures a US-chartered bank license, and the Senate passes the Market Structure Bill, boosting Main Street adoption.
• SWIFT loses market share of global remittances to Ripple.

These scenarios could drive XRP above its $3.66 (Binance) record high.

Conclusion: Is XRP Set for Fresh Highs or A Reversal?

XRP-spot ETF approvals, together with the Market Structure Bill, remain key price catalysts. Related headlines, the SEC’s stance on US stock and ETF tokenization, and legislative developments on Capitol Hill will continue driving sentiment.

The SEC’s rollout of its standardized crypto ETF framework, or bipartisan support for the revised draft Market Structure Bill, could drive the token above the crucial $3 level. However, adverse news would expose key support levels.

For traders, ETF inflows could ignite a historic rally—or regulatory setbacks could send the token tumbling below $2.5.

Analysts will closely monitor how regulatory and economic risks affect XRP’s trajectory in the coming months.