XRP surged to $3.05 with doubled trading volume before entering consolidation, as major holders sold over $300 million in assets while institutional desks adjusted positions ahead of a critical Federal Reserve announcement.
The $2.99 support level was successfully defended multiple times, keeping the price range-bound between $2.99 and $3.05 as ETF deadlines and interest rate speculation create market uncertainty.
Market Context
XRP recorded a 3% gain over 24 hours ending October 7, fluctuating between $2.97 and $3.05 before settling near $2.99. This movement was fueled by substantial institutional activity—more than 1.5 billion tokens traded—combined with whale disposals exceeding $300 million.
Macroeconomic factors heavily influenced market sentiment. Current pricing indicates a 96% probability of a Fed rate cut on October 29, while over 70 ETF applications, including seven specifically for XRP, face SEC decision deadlines beginning October 19.
Trading Session Overview
- XRP traded within a $0.08 range (3%), moving from $2.97 low to $3.05 high
- Afternoon rally pushed price from $3.00 to $3.04 with 137 million volume, nearly double the daily average
- Price faced repeated rejection at the $3.04–$3.05 resistance zone
- Consolidation occurred around $2.99 where buyers consistently entered the market
- A brief dip to $2.981 was quickly absorbed with volume spikes of 2.2 million establishing temporary support
Technical Perspective
Strong resistance persists at $3.04–$3.05, where significant selling pressure halted upward movement. Support at $2.99 appears validated through multiple tests and absorption of liquidation flows. The current price action indicates accumulation at the $2.99 level, with potential for bullish continuation if momentum can reclaim $3.03 and challenge $3.05. A successful breakout above this resistance could target the $3.10 area, though macroeconomic catalysts remain the primary market driver.
Key Market Focus Points
- Whether $2.99 support can withstand ongoing whale distribution
- If institutional positioning maintains momentum approaching October 19 SEC ETF deadlines
- Market response to Federal Reserve policy signals—potential rate cut could boost risk assets
- Confirmation of breakout above $3.05 to initiate next upward move toward $3.10–$3.12