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XRP attempted to breach $2.90 on Wednesday but quickly retreated, settling back at $2.85 as profit-taking capped gains. A new supply zone has formed between $2.92–$2.93, while the $2.85 support level is coming under pressure amid broader macroeconomic headwinds.
Market Overview
On October 8, XRP rallied 2% intraday, climbing from $2.88 to $2.93 on turnover of 86.6 million — nearly double its 24-hour average of 48.3 million. The surge coincided with rising geopolitical tensions and central bank activity, driving volatility across risk assets. Despite institutional adoption trends, traders booked profits into the U.S. close.
Price Action Highlights
- XRP traded in a narrow $0.08 range between $2.85 and $2.93.
- Afternoon breakout above $2.90 peaked at $2.926 before reversing.
- The rally formed a supply zone at $2.92–$2.93.
- Closing hour saw a drop from $2.86 to $2.85 on 2.97M volume, confirming a short-term pullback.
- XRP ended at $2.851, down 2.5% from intraday highs.
Technical Analysis
- $2.86 support broke under selling pressure, turning into near-term resistance.
- Immediate support sits at $2.85; a decisive breach could open risk to $2.80.
- Resistance remains at $2.92–$2.93, where high-volume selling capped gains.
- Short-term momentum appears bearish, but institutional accumulation and regulatory developments continue to provide broader support.
Key Levels to Watch
- $2.85: Can it hold or will price test $2.80?
- $2.92–$2.93: Potential retest if bullish momentum returns.
- Macro catalysts: Fed policy expectations, trade tensions affecting flows.
- ETF and regulatory clarity: Could reignite institutional buying.
