XRP held firm above the $2.99 floor despite repeated tests, with prices oscillating between $2.99 and $3.05 as traders eye key SEC deadlines and Federal Reserve speculation.

The token briefly surged to $3.05 on doubled trading volumes before easing into a consolidation phase, driven by over $300 million in whale offloads as institutional desks repositioned ahead of pivotal macro events.

Market Drivers
Over the past 24 hours, XRP gained roughly 3%, trading between $2.97 and $3.05 and closing near the $2.99 support level. The move was fueled by significant institutional activity — more than 1.5 billion tokens exchanged hands — alongside substantial whale disposals.

Macro catalysts were front and center. Markets are currently pricing in a 96% probability of a Fed rate cut on Oct. 29, while more than 70 ETF applications, including seven for XRP, face SEC decision windows beginning Oct. 19.

Price Action Overview

• Intraday range: $2.97–$3.05, a 3% swing.
• Afternoon rally: Price jumped from $3.00 to $3.04 on 137 million in volume, nearly double the daily average.
• Resistance: $3.04–$3.05 remained strong, capping further upside.
• Support: $2.99 held repeatedly, absorbing a late dip to $2.981 with volume spikes of 2.2 million, creating a short-term floor.

Technical Insights
Resistance at $3.04–$3.05 continues to limit upward momentum, while support at $2.99 is reinforced by multiple retests and absorption of intraday liquidations. The structure suggests accumulation at the $2.99 base, with a potential bullish continuation if price can reclaim $3.03 and challenge $3.05. A successful breakout could target $3.10–$3.12, though macro developments remain the primary catalysts.

Key Levels and Trader Watchpoints

• Confirm $2.99 as a durable support amid ongoing whale distribution.
• Track institutional flows leading into Oct. 19 SEC ETF decision deadlines.
• Monitor market reaction to Fed signals — a rate cut could further lift risk assets.
• Watch for a confirmed breakout above $3.05 to signal the next leg toward $3.10–$3.12.