Aggressive selling near $2.66 resistance and a large Binance inflow signals near-term distribution while volume data shows institutional buying on the dip defending $2.55.
News context
XRP’s rebound from Friday’s liquidation low below $1.58 petered out overnight as fresh whale activity hit exchanges. A single XRP transfer of $23.9 million (≈$63 million) to Binance coincided with selling pressure that erased early gains. The move came as open interest jumped 2.4% to $1.36 billion, suggesting leveraged positioning remains high even after the $32 billion market cap rally that followed Trump’s tariff-driven crypto rout.
Broader risk markets stabilized as trade war rhetoric subsided, but derivatives desks reported further accumulations of short positions around $2.65 to $2.66.
Price Action Summary
- XRP traded within a $0.11 (4%) band, rising from $2.54 to $2.66 between October 13 at 05:00 and October 14 at 04:00.
- Volume exploded to 244.6M at 1:00 p.m. – almost 3 times the average of 91.8M – confirming aggressive buying on the dip near $2.55.
- The price peaked at $2.66 at 8:00 p.m. before sustained selling led to a close of $2.55.
- Bears extended their control into the final hour, breaking $2.57 support on 4 million volume at 4:10 a.m., then consolidating $2.55 to $2.56 through the close.
Technical analysis
The $2.55 to $2.56 area continues to anchor near-term support after repeated high volume defenses. Resistance is firm between $2.65 and $2.66, where profit-taking and whale flows have triggered multiple rejections.
Momentum bias is bearish while XRP trades below its 200-day MA ($2.63), although a sustained recovery above $2.60 could reset the structure for another test of $2.70. Volume remains the key indicator: spikes and dips show institutions are buying weakness, but lower highs suggest supply still exceeds demand.
What traders are looking at
- $2.55 Support – Can It Last Through Asian Weekend Sessions?
- Reaction to the $2.65-$2.66 resistance zone on the next move higher.
- The Binance whale flows as a distribution or continuous rotation signal.
- Take advantage of liquidation potential if open interest ($1.36 billion) remains high.
