Significant deleveraging in derivatives markets pushed XRP lower before buyers stepped in to defend the $2.40 support level, establishing a crucial retest as Asian trading approaches.
Market Context
- XRP experienced a sharp decline during the October 14-15 trading session as macroeconomic pressures and widespread cryptocurrency deleveraging caused open interest to plummet 50% to $4.22 billion.
- The digital asset is now consolidating above the $2.40 support zone, with traders watching for a potential breakout toward the $2.65 resistance level.
- Market analysts suggest the current price action indicates a healthy correction before the next upward movement.