XRP crashed as much as 42% in Friday trading, its biggest one-day drop in recent years, as whales sold off on major venues and futures open interest fell by $150 million.
The sell-off sent the price down as low as $1.64 before a partial recovery to $2.36, with volumes up 164% above the 30-day average – a sign of forced deleveraging at corporate offices.
What you need to know
• XRP fell from $2.82 to $2.36 between October 10 at 1:00 a.m. and October 11 at midnight, showing a daily loss of 16%.
• Intraday volatility peaked at 43%, with prices briefly rising to $1.64 during high-frequency selloffs.
• Institutional futures open interest fell from $9.0 billion to $8.85 billion as long liquidations reached $21 million compared to $2 million for short positions.
• 320 million XRP transferred to exchange wallets over the past week, confirming whale distribution pressure.
• Late-session buying stabilized the price between $2.35 and $2.40, with accumulation volumes exceeding 12 million in the last 15 minutes.
News context
• Ripple’s ecosystem faces macro and structural tensions: global trade tensions, divergent central bank policies, and uncertainty over U.S. digital banking licenses.
• Ripple’s National Trust charter deadline passed on October 7, increasing regulatory risk premiums around institutional products linked to XRP.
• Despite the pullback, on-chain data shows long-term holders adding less than $2.40, suggesting value-based repositioning.
Price Action Summary
• XRP opened near $2.82 and sold off aggressively mid-session, breaking key supports at $2.70 and $2.50.
• The largest liquidation occurred between 3:00 p.m. and 9:00 p.m. UTC, when hourly volume reached 817.6 million.
• A low of $1.64 marked a potential capitulation point; rebound to $2.36 capped at resistance around $2.84.
• The last 60 minutes (11:41 p.m. to 12:40 a.m.) saw a stabilizing move from $2.31 → $2.38 (+2%), with algos breaking $2.35 on sustained bids.
Technical analysis
• Support: established between $2.30 and $2.35; downside risk extended to $2.22 if volume dries up.
• Resistance: layered between $2.84 and $2.90, with $3.05 as the macro breakout trigger.
• Volume: Up 164% over 30-day average – capitulation-level revenue.
• Trend: 75-day symmetrical triangle broken downward; must close above $2.90 to regain its structure.
• Momentum: RSI levels near multi-month lows; Volatility bands are expanding, signaling a potential base formation.
What traders are watching
• If the $2.30 support area attracts sustained whale accumulation.
• Reconstruction of open positions following a $150 million contraction in derivatives markets.
• Regulatory clarity after the Ripple charter review and its impact on business adoption.
• Multi-asset repercussions of BTC’s $125,000 rally – potential backup rotation into XRP.
• Technical confirmation above $2.90 to invalidate short-term bearish bias.
