The Ripple-linked XRP token has experienced strong buy pressure, with more than $10 million worth of net buy pressure in less than 10 minutes.
Earlier today, a $3 million XRP market buy order was recorded on Binance perpetual futures. Notably, the mammoth buy order was executed in just 100 milliseconds.
The order, which has absorbed a significant amount of sell liquidity, managed to push the price of the token to an intraday high of $2.91.
XRP is currently changing hands at $2.86 after giving up some gains, according to CoinGecko data.
That said, it should be noted that XRP recently experienced a sharp drop in trading volume, which could be a rather bearish development.
Bullish catalysts for XRP
Even though September is typically a bearish month for Bitcoin and other major cryptocurrencies, XRP could end up outperforming in October.
As reported by U.Today, the SEC is widely expected to greenlight XRP ETFs in the fourth quarter of this year. Franklin Templeton, Bitwise, and some other key issuers have joined the XRP race, but BlackRock and Fidelity have remained on the sidelines.
If XRP ETFs prove naysayers wrong and end up outperforming expectations in terms of inflows, this could create a powerful narrative for the token and potentially set the stage for a rally toward a new record high.
As reported by U.Today, Ripple's high-profile Swell conference is also scheduled to take place in early November.
The Ripple-linked token is currently down roughly 20% from the all-time peak of $3.65 that was recorded two months ago due to strong demand coming from South Korea.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team