XRP surged above $2.90 with double the average trading volume before profit-taking erased gains, pushing the price back to $2.85. A new resistance zone formed between $2.92–$2.93, while the $2.85 support level faces pressure amid macroeconomic challenges affecting market flows.
Market Context
XRP gained 2% during October 8th trading, climbing from $2.88 to $2.93 at 17:00 UTC with 86.6M in volume — nearly double the 24-hour average of 48.3M. This price movement occurred alongside increased geopolitical tensions and central bank activities that drove volatility across risk assets. Despite positive institutional adoption trends, profit-taking dominated toward the U.S. market close.
Price Movement Overview
- XRP traded within a $0.08 range (3%) between $2.85 and $2.93
- The afternoon breakout above $2.90 resistance peaked at $2.926 before reversing
- The rally created a supply zone at $2.92–$2.93
- Closing hours saw price decline from $2.86 to $2.85 with 2.97M volume confirming breakdown
- XRP settled at $2.851, down 2.5% from daily highs
Technical Perspective
The $2.86 support level failed under significant selling pressure, converting it to near-term resistance. The next critical support sits at $2.85, with any decisive break potentially targeting $2.80. Resistance remains firm at $2.92–$2.93 where high-volume rejection occurred. While short-term momentum appears bearish, institutional accumulation trends and regulatory developments continue supporting broader market positioning.
Trader Focus Areas
- Whether $2.85 maintains as near-term support or breaks toward $2.80
- Potential retest of $2.92–$2.93 resistance if bullish momentum returns
- Macroeconomic factors: Federal Reserve policy expectations and trade tensions influencing risk flows
- ETF developments and regulatory clarity that could renew institutional buying interest