XRP Holds Key $2.40 Support as Market Deleveraging Settles, Eyes $2.65 Breakout
XRP stabilized near $2.40–$2.42 after a sharp decline driven by derivatives deleveraging, signaling a crucial support retest ahead of Asia trading.
Market Context
Between October 14–15, XRP fell amid macro pressures and broad crypto sell-offs, with open interest dropping 50% to $4.22B. Despite the downturn, spot volumes climbed 40%, indicating renewed institutional buying. Investor confidence was further supported by Ripple’s upcoming $200,000 XRPL security test with Immunefi, scheduled Oct. 27–Nov. 24.
Price Action
XRP slipped 1.97%, from $2.54 to $2.49, traversing a $0.16 intraday range (~6% volatility). Buyers consistently defended the $2.40–$2.42 support zone, with volume spiking to 179.4M at 13:00, validating accumulation. Rebounds faced resistance near $2.53, with late-session trading bringing XRP to $2.50.
Technical Outlook
The $2.40–$2.42 range remains the critical pivot. A breakdown could open targets at $2.33–$2.25, while reclaiming $2.53 may set the stage for a push toward $2.65. Volume metrics suggest short-term base-building as forced deleveraging eases.
Traders’ Focus
- Holding $2.40 through Asia trading
- Re-leveraging signals after derivatives open interest halved
- Volume follow-through above $2.50 to confirm accumulation
- Macro drivers including U.S.–China trade tensions and Fed policy updates
