XRP’s early rally into $3.07 met heavy distribution on elevated volume, leaving a high-volume ceiling intact and pulling price back to $2.98. Institutional prints confirmed $3.07 as resistance, while repeated defenses near $2.98 kept losses contained.
News Background
XRP slipped 1% from Oct. 5, 03:00 to Oct. 6, 02:00, retreating from $3.01 to $2.98 despite opening strength.
The token spiked to $3.07 in early hours, only to face concentrated selling pressure.
Analysts said institutional desks were active at resistance, with turnover 17% above daily averages. Despite bearish control through much of the session, XRP ended with a rebound off $2.98, signaling continued accumulation interest.
Price Action Summary
- XRP traded a $0.09 corridor, or 3% intraday range, between $2.98 and $3.07.
- Price peaked at $3.07 before sharp rejection on 64.3M tokens, vs. 54.7M average.
- Selling pressure dragged XRP to $2.98, where support was repeatedly defended.
- A late-session dip triggered a 1.95M-volume flush to $2.979, immediately absorbed by buyers.
- Rebound flows stabilized price near $2.98, with recovery volumes averaging 750K per bar.
Technical Analysis
- Resistance is firmly established at $3.07, validated by above-average selling pressure and repeated failures to break higher. Support holds at $2.98, where buyers consistently stepped in, including a high-volume flush absorbed late in the session.
- Price action reflects a rejection-driven pullback inside a $3.07–$2.98 band. While sellers dominated two-thirds of the session, the defense of $2.98 shows institutions continue to accumulate on dips, keeping the structure intact for another attempt higher.
What Traders Are Watching?
- Whether $2.98 holds as support in coming sessions.
- If $3.07 remains a hard ceiling or weakens under renewed pressure.
- Signs of sustained institutional inflows as ETF catalysts approach.
- Potential test of $3.10 if buyers can reclaim control above $3.03.
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