XRP experienced significant volatility, trading within a tight $0.09 range after reaching $2.91 early in the session. The price surge triggered substantial profit-taking, though buyers successfully defended the $2.82–$2.84 support zone. The cryptocurrency consolidated at $2.85 as trading volumes declined toward market close. Technical analysts noted emerging bearish divergences while Binance reserves increased, suggesting caution ahead of the crucial $3.00 resistance test.
Market Context
- XRP recorded impressive inflows exceeding $6 billion over two days, fueled by treasury adoption and speculative activity
- Regulatory attention intensified as reports indicated zero corporate buy orders on Binance despite growing exchange reserves
- Wall Street technical analysts recommend patience until a decisive breakout above $3.00 confirms trend direction
Trading Activity Overview
Early aggressive buying propelled XRP to $2.91 with substantial volume of 49.8 million units
Profit-taking pressure drove price retreat to $2.82–$2.84 range, with turnover significantly exceeding the 24-hour average of 56.8 million
Price stabilization occurred between $2.85–$2.86 as trading volume diminished to 4.9 million
Market capitalization settled near $2.85, consolidating gains but unable to retest session highs
Technical Perspective
- Strong resistance established at $2.91 level with heavy rejection volume
- Solid support confirmed at $2.82–$2.84 zone through multiple buy spikes
- Breakout above $2.85 at 01:43 involving 1.5 million tokens indicated algorithm-driven demand
- Late-session consolidation reflected reduced selling pressure but limited bullish conviction
- Momentum indicator divergences suggest limited upside potential in short term
Market Focus Areas
- XRP's ability to reclaim $2.91 and achieve close above $3.00 to convert resistance to support
- Implications of Binance's 19% reserve increase and whether inflows represent potential selling pressure
- Ongoing regulatory examination of exchange operations and reported absence of corporate bidding
- Federal Reserve's accommodative rate stance as potential catalyst for Q4 cryptocurrency inflows