XRP’s early rally to $3.07 encountered heavy selling pressure on elevated volume, confirming the level as strong resistance and pulling the price back to $2.98. Repeated defenses near $2.98 helped contain losses, signaling continued accumulation interest from institutional players.
Market Overview
From Oct. 5, 03:00 to Oct. 6, 02:00, XRP slipped 1%, retreating from $3.01 to $2.98 despite opening strength. The token briefly spiked to $3.07 in early trading but met concentrated selling pressure. Analysts noted that institutional desks were particularly active at resistance, with turnover 17% above daily averages.
Price Action Summary
- XRP traded within a $0.09 corridor, a 3% intraday range between $2.98 and $3.07.
- Price peaked at $3.07 before a sharp rejection on 64.3M tokens, compared with the 54.7M average.
- Selling pressure pulled XRP down to $2.98, a level that was repeatedly defended by buyers.
- A late-session dip triggered a 1.95M-volume flush to $2.979, immediately absorbed by institutional buyers.
- Rebound flows stabilized price near $2.98, with recovery volumes averaging 750K per bar.
Technical Analysis
Resistance at $3.07 is firmly established, confirmed by above-average selling and repeated failures to break higher. Support at $2.98 continues to hold as buyers step in consistently, even during high-volume dips. Price action reflects a rejection-driven pullback within the $2.98–$3.07 band. While sellers dominated much of the session, institutional accumulation on dips suggests the structure remains intact for another attempt higher.
What Traders Are Watching
- Whether $2.98 continues to hold as critical support in coming sessions.
- If $3.07 remains a hard ceiling or weakens under renewed buying pressure.
- Signs of sustained institutional inflows, particularly as ETF catalysts approach.
- Potential test of $3.10 if buyers can reclaim control above $3.03.
