XRP faced significant selling pressure after reaching $3.07, with elevated trading volume causing a price rejection that pushed the cryptocurrency back to $2.98. Institutional activity confirmed $3.07 as a strong resistance level, while repeated buyer defenses at $2.98 limited further declines.
Market Context
XRP declined 1% between October 5th and 6th, dropping from $3.01 to $2.98 despite initial bullish momentum. The token experienced an early surge to $3.07 but encountered concentrated institutional selling, with trading volume 17% above daily averages.
Price Movement Overview
- XRP traded within a $0.09 range (3% intraday movement) between $2.98 and $3.07
- Peak rejection occurred at $3.07 with 64.3 million tokens traded versus 54.7 million average
- Selling pressure pushed price to $2.98 support level, which held throughout the session
- Late-session dip to $2.979 was quickly absorbed by buyers with 1.95 million volume
- Recovery volumes averaged 750K per bar, stabilizing price near $2.98
Technical Perspective
- Strong resistance established at $3.07 with above-average selling volume
- Solid support maintained at $2.98 with consistent institutional buying
- Price action shows rejection-driven pullback within defined $3.07-$2.98 range
- Institutional accumulation on dips suggests underlying strength for future upward moves
Key Market Focus
- $2.98 support level sustainability in upcoming sessions
- Potential weakening of $3.07 resistance under renewed buying pressure
- Institutional inflow patterns as ETF catalysts approach
- Possible test of $3.10 if buyers regain control above $3.03