XRP climbed above $2.90 on double-average volume before profit-taking reversed the gains, bringing the price back to $2.85. A new supply zone has formed between $2.92 and $2.93, while the $2.85 bottom is now on watch as macroeconomic headwinds weigh on flows.
News context
XRP rose 2% intraday on October 8, from $2.88 to $2.93 at 5:00 p.m. on turnover of 86.6 million, almost double the 24-hour average of 48.3 million. The move coincided with heightened geopolitical tensions and central bank maneuvering, which fueled greater volatility among risk assets. Traders noted that despite stronger institutional adoption trends, profit-taking dominated until the US close.
Price Action Summary
- XRP is trading in a $0.08 corridor (3% range) between $2.85 and $2.93.
- The afternoon break through $2.90 resistance peaked at $2.926 before reversing.
- The rally established a supply zone between $2.92 and $2.93.
- The closing hour saw the price move from $2.86 to $2.85, with volume of 2.97 million confirming a breakdown.
- XRP settled at $2.851, down 2.5% from intraday highs.
Technical analysis
Support at $2.86 broke under heavy selling pressure, turning this level into near-term resistance. The next bottom is at $2.85, with all risk of a decisive breakout opening towards $2.80. Resistance remains between $2.92 and $2.93, where a large volume rejection has been printed. Even though the price structure exhibits short-term bearish momentum, the themes of institutional accumulation and regulatory catalysts still support broader positioning.
What are traders looking at?
- Whether $2.85 is a short-term bottom or yields to $2.80.
- A retest of the $2.92 to $2.93 supply zone if momentum returns.
- Macroeconomic catalysts: Fed policy expectations and trade tensions impact risk flows.
- ETF and regulatory clarity themes that could re-anchor institutional offerings.
