XRP Holds $2.40 Support Amid Derivatives Deleveraging, Eyes $2.65 Breakout

XRP found support near $2.40–$2.42 as heavy deleveraging across derivatives markets pushed prices lower, setting up a critical retest ahead of Asia trading.

Market Background
XRP declined sharply during the October 14–15 session, dragged by macro pressure and broad crypto market deleveraging that halved open interest to $4.22 billion. Despite the sell-off, spot volumes rose 40%, signaling renewed institutional participation. Investor sentiment was bolstered by Ripple’s $200,000 Immunefi-led XRPL security test, scheduled from Oct. 27 to Nov. 24.

Price Action
XRP fell 1.97%, moving from $2.54 to $2.49 within a $0.16 intraday range, roughly 6% volatility. Buyers repeatedly defended the $2.40–$2.42 zone, absorbing midday capitulation. Volume surged to 179.4M at 13:00, nearly double the 24-hour average, confirming accumulation at the lows. Resistance capped rebounds near $2.53, but late-session trading saw XRP recover modestly to $2.50.

Technical Outlook
The $2.40–$2.42 area is the key pivot for bulls. Multiple bounces indicate institutional defense, though momentum remains fragile below $2.53–$2.55 resistance. A decisive break below $2.40 could target $2.33 and $2.25, while reclaiming $2.53 may set up a move toward the $2.65 breakout level. Volume metrics suggest base-building amid forced unwinds.

Key Levels Traders Are Watching

• Support at $2.40 through Asia open
• Signs of re-leveraging after derivatives open interest halved
• Volume follow-through above $2.50 to confirm accumulation
• Macro headlines, including U.S.–China trade tension and Fed policy, as potential volatility drivers