XRP broke higher on September 11 with heavy institutional inflows pushing volume four times above daily averages. The token advanced nearly 2% to close near $3.05, defending support at $2.98 before testing resistance around $3.07. Analysts say that while accumulation patterns remain strong, elevated exchange reserves and ETF speculation are adding layers of volatility to the next directional move. News Background • Ripple strengthened its partnership with Spanish banking giant BBVA to deliver digital asset custody solutions under the EU’s MiCA framework, bolstering institutional legitimacy.• Broader crypto markets tracked macro catalysts, including expectations of rate decisions from global central banks and shifting trade policy debates.• Futures open interest in XRP climbed to $8.36 billion, reflecting leveraged positioning ahead of potential ETF-related announcements.• Whale wallets accumulated 340M XRP tokens in recent weeks, while exchange inventories reached one-year highs, raising questions of near-term distribution pressure. Price Action Summary • XRP climbed from $2.98 to $3.05 during the September 11 trading window, marking a 1.85% gain within a $0.10 band.• The most aggressive buying occurred during the 12:00 session, where volume hit 243.37M — more than 4x the daily average of 58.9M — confirming strong institutional bids.• Resistance formed near $3.07 after multiple failed upside attempts into midnight, while profit-taking capped advances above $3.05.• The final hour saw a pullback from $3.06 to $3.04 (-0.68%) as distribution pressure increased, with 2.29M units traded at 01:41 triggering a sharp dip.• Despite the late retreat, price closed in consolidation above $3.04, suggesting continued accumulation at discounted levels. Technical Analysis • Support anchored at $2.98, validated by outsized buying volumes.• Resistance concentrated between $3.05–$3.07, where repeated rejections occurred.• Descending triangle formation tightening around the $3.00–$3.07 corridor points to imminent breakout resolution.• Final-hour volume spikes (2.29M at 01:41, 1.18M at 02:03) showed heavy distribution followed by quick recovery attempts.• RSI improvements on intraday charts suggest buying momentum is building, though exchange inflows remain a headwind. What Traders Are Watching • Whether XRP can sustain closes above $3.05 and challenge the $3.07 resistance zone — a breakout could open the path toward $3.20 in the short term.• Exchange reserves rising to 12-month highs, which traders view as a possible warning sign of distribution pressure if whale inflows stall.• The impact of Ripple’s expanded BBVA partnership under MiCA, which may accelerate institutional custody adoption and support price stability.• Positioning in derivatives markets: call options now outnumber puts 3-to-1 with strikes clustering around $3.00–$3.50, reflecting a bullish tilt ahead of September 12 expiries.• Macro signals, particularly central bank rate decisions and liquidity conditions, which continue to dictate flows into large-cap crypto assets.