XRP briefly surged above $2.90 on Wednesday before reversing, settling back at $2.85 as profit-taking dominated. A fresh supply zone has formed at $2.92–$2.93, while the $2.85 support level is now under the microscope amid ongoing macroeconomic pressures.
Market Overview
On October 8, XRP rallied around 2% intraday, moving from $2.88 to $2.93 on volume of 86.6 million — nearly double the 24-hour average of 48.3 million. The uptick coincided with heightened geopolitical tensions and central bank activity, fueling volatility across risk assets. Despite favorable institutional adoption trends, traders booked profits ahead of the U.S. close.
Price Action Summary
- XRP traded within a $0.08 range (3%) between $2.85 and $2.93.
- Afternoon breakout above $2.90 peaked at $2.926 before reversing.
- The rally established a supply zone at $2.92–$2.93.
- Closing hour saw price slip from $2.86 to $2.85 on 2.97 million volume, confirming a short-term pullback.
- XRP settled at $2.851, down 2.5% from intraday highs.
Technical Analysis
The $2.86 support level cracked under heavy selling, converting it into near-term resistance. Immediate support is at $2.85, with a decisive break exposing potential downside toward $2.80. Resistance remains at $2.92–$2.93, where high-volume rejection capped upward momentum. While short-term price action shows bearish pressure, institutional accumulation and regulatory catalysts continue to support broader positioning.
What Traders Are Watching
- Can $2.85 hold as a floor, or will XRP test $2.80?
- Potential retest of $2.92–$2.93 supply zone if bullish momentum returns.
- Macro factors: Fed policy expectations and trade tensions influencing risk flows.
- ETF and regulatory developments that could reignite institutional demand.
