XRP Drops 6% to $2.41 as Institutional Selling Drives Deleveraging
XRP (XRP) fell 6% from $2.49 to $2.41 between October 14–15, marking one of the token’s sharpest single-day declines this month. The move followed sustained whale distribution, with 2.23 billion XRP — roughly $5.5 billion — transferred to exchanges since October 10.
Futures open interest collapsed 50% to $4.22 billion, signaling forced deleveraging as market makers reduced exposure amid persistent macroeconomic and regulatory uncertainty. Overall, heavy institutional selling erased about $10 billion in market value across derivatives markets.
Price Action Overview
- XRP slid from $2.56 to $2.41 in a 24-hour window ending Oct. 15, 20:00, representing a 6% drop and a $0.15 trading range (6.3% intraday volatility).
- Intense selling hit between 13:00–15:00, with volumes rising from 119M to 154M tokens.
- Support at $2.48–$2.50 failed, triggering cascade liquidations that pushed the price to $2.40.
- A brief rebound to $2.44 around 19:27 was rejected, and XRP closed near the lows at $2.41.
- Final-hour volumes peaked at 4.5M, indicating capitulation before trading activity declined.
Technical Analysis
- Breach below $2.48 confirms a short-term trend reversal.
- Support: $2.40–$2.42, with interim resistance at $2.55–$2.56 and broader overhead supply at $2.65.
- Volume patterns suggest institutional outflows rather than retail panic.
- If $2.40 holds, XRP may consolidate in a range-bound pattern until leverage normalizes. A clean move above $2.55 could indicate re-accumulation.
- Momentum indicators remain oversold, and derivatives funding rates turned negative across major platforms, reinforcing bearish sentiment.
Key Levels and Watchpoints
- $2.40 support — will it hold against further whale or fund selling?
- Open interest recovery — a sign of stabilization or new short positions forming.
- Spot inflows vs. exchange outflows — to monitor accumulation trends.
- Reaction at $2.65 resistance — for confirmation of a potential bounce.
