XRP slid nearly 4% on Tuesday, retreating from the $2.99 resistance zone to stabilize around $2.878, as institutional selling triggered significant liquidations. Trading volume spiked to nearly seven times the daily average, reflecting over $500 million in positions unwound. Traders are now monitoring whether the $2.85–$2.87 support band can hold amid mounting market pressures and ahead of Ripple’s U.S. banking charter review.
Market Context
Ripple’s push for a national banking charter faces regulatory scrutiny, with the Oct. 7 OCC review deadline marking a key event. Broader macroeconomic headwinds, including trade disputes and divergent central bank policies, continue to weigh on crypto liquidity and enterprise-focused tokens like XRP.
Binance custody data shows reserves up ~19% over the week, suggesting distribution pressure even as some whale accumulation continues on-chain.
Price and Technical Snapshot
- Resistance: $2.993 acted as a firm ceiling after repeated rejections.
- Support: The $2.85–$2.87 zone is crucial; failure here could open the path to $2.70.
- Range: XRP moved within a $0.144 (4.8%) intraday corridor, wider than recent sessions.
- Volume: Liquidation-driven volume reached 586.9M, highlighting institutional exit pressure.
- Recovery: A late-session bounce to $2.881 indicates short-term stabilization.
What Traders Are Watching
- Whether XRP can hold $2.85–$2.87 or falls toward $2.70.
- Ripple’s OCC banking charter outcome and regulatory implications.
- Bitcoin’s movements around $125K and their influence on altcoins.
- Whale accumulation and on-chain distribution patterns.
- Potential market shifts following upcoming SEC ETF decisions.
XRP’s short-term trajectory remains fragile, with the support band serving as the immediate test for bulls.
