XRP faces selling pressure below $2.60 as significant whale activity impacts Binance. A massive 23.9 million XRP transfer worth approximately $63 million triggered distribution signals, though institutional buying defended the $2.55 support level. Market analysis reveals mixed signals with elevated open interest at $1.36 billion suggesting leveraged positions remain active despite recent recovery.
Market Context
XRP's recovery from Friday's lows below $1.58 stalled as fresh whale movements entered exchanges. The substantial transfer to Binance coincided with selling pressure that erased earlier gains. Open interest increased 2.4% to $1.36 billion, indicating sustained leveraged trading activity following the market's recovery from tariff-related volatility.
Price Movement Overview
- XRP traded within a $0.11 range (4%) between $2.54 and $2.66 from October 13-14
- Trading volume surged to 244.6 million - nearly triple the 91.8 million average - confirming strong dip-buying near $2.55
- Price reached $2.66 peak before declining to $2.55 close
- Bearish pressure continued into final sessions, testing $2.57 support before consolidating at $2.55-$2.56
Technical Perspective
The $2.55-$2.56 zone maintains near-term support with repeated high-volume defenses. Resistance remains strong at $2.65-$2.66 where profit-taking and whale activity caused multiple rejections. Momentum appears bearish while XRP trades below its 200-day moving average ($2.63), though reclaiming $2.60 could enable another test of $2.70. Volume patterns indicate institutional buying during dips, but lower highs suggest ongoing supply pressure.
Key Market Factors
- $2.55 support level sustainability through Asian trading sessions
- Market reaction to $2.65-$2.66 resistance on upward movements
- Binance whale transfers as distribution or rotation indicators
- Potential leverage unwinding given elevated $1.36 billion open interest