2 hours ago
XRP spiked to $3.05 connected doubled turnover earlier fading into consolidation, with whales offloading much than $300M arsenic organization desks repositioned up of a pivotal Fed decision.
The $2.99 level held connected repeated defenses, leaving terms boxed betwixt $2.99 and $3.05 portion ETF deadlines and complaint speculation loom.
News Background
XRP gained 3% successful the 24 hours to Oct. 7, trading betwixt $2.97 and $3.05 earlier closing adjacent $2.99. The determination was driven by a surge successful organization flows — implicit 1.5B tokens transacted — and whale disposals exceeding $300M.
Macro catalysts dominated sentiment. Markets present terms a 96% accidental of a Fed complaint chopped connected Oct. 29, portion 70+ ETF applications, including 7 for XRP, look SEC deadlines starting Oct. 19.
Price Action Summary
- XRP’s league scope spanned $0.08 (3%), from $2.97 debased to $3.05 high.
- Afternoon rally lifted terms from $3.00 to $3.04 connected 137M turnover, astir 2x the regular average.
- Repeated rejection astatine $3.04–$3.05 confirmed resistance.
- Price consolidated astir $2.99, wherever buyers stepped successful aggregate times.
- A precocious flush to $2.981 was absorbed quickly, with measurement spikes of 2.2M creating a short-term floor.
Technical Analysis
Resistance remains entrenched astatine $3.04–$3.05, wherever dense selling capped the advance. Support is validated astatine $2.99, reinforced by aggregate retests and absorption of intraday liquidation flows. The terms operation suggests accumulation astatine the $2.99 base, with a imaginable bullish continuation if momentum tin retake $3.03 and situation $3.05. Breakout done this absorption could acceptable up targets toward $3.10, though macro catalysts stay the ascendant driver.
What Traders Are Watching?
- Whether $2.99 holds arsenic a steadfast enactment basal nether continued whale distribution.
- If organization positioning sustains momentum into the Oct. 19 SEC ETF deadlines.
- Market absorption to Fed argumentation signals — a chopped could assistance flows crossed hazard assets.
- Confirmation of breakout supra $3.05 to unlock the adjacent limb toward $3.10–$3.12.
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