XRP’s early rally to $3.07 ran into heavy selling on elevated volume, establishing the level as key resistance and pulling the price back toward $2.98. Repeated defenses at this support level suggest continued accumulation from institutional participants.
Market Overview
Between Oct. 5, 03:00 and Oct. 6, 02:00, XRP fell 1%, retreating from $3.01 to $2.98 despite a strong opening. The token briefly spiked to $3.07 before encountering concentrated selling. Analysts noted that institutional desks were particularly active at resistance, with turnover 17% above daily averages.
Price Action Summary
- XRP traded in a $0.09 intraday corridor (3% range) between $2.98 and $3.07.
- Price peaked at $3.07 before rejection on 64.3M tokens, above the 54.7M average.
- Selling pressure pulled XRP back to $2.98, a level repeatedly defended by buyers.
- A late-session dip to $2.979 on 1.95M volume was quickly absorbed.
- Recovery flows stabilized price near $2.98, with rebound volumes averaging 750K per bar.
Technical Analysis
Resistance at $3.07 is now firmly established, supported by repeated failures to break higher and elevated selling pressure. Support at $2.98 continues to hold, reflecting strong buyer interest. Price action indicates a pullback within the $2.98–$3.07 band. Although sellers dominated much of the session, institutional buying on dips keeps the structure intact for a potential upward move.
Levels to Watch
- $2.98 as a critical support level in the near term.
- $3.07 as a key resistance ceiling and whether it can be breached.
- Signs of sustained institutional inflows, especially with ETFs approaching.
- Possible test of $3.10 if buyers reclaim control above $3.03.
