XRP Struggles to Reclaim $3 as Spot Demand Thins

XRP chopped successful a constrictive $2.78–$2.85 band, masking dense organization selling and rising leverage risks. Exchange reserves climbed to nine-month highs connected 440M tokens distributed implicit 30 days, portion futures unfastened involvement swelled adjacent $9B.

Bulls proceed to support the $2.78 floor, but organisation patterns headdress upside momentum.

News Background

XRP traded level to little successful the 24 hours to Oct. 10, opening adjacent $2.83 and closing astatine $2.82. The token concisely rallied to $2.85 earlier rejection, with volumes spiking supra 123M astatine 08:00 — treble the regular mean — confirming organization enactment astatine cardinal levels. The league came arsenic traders positioned up of macro catalysts, with Fed argumentation and regulatory clarity continuing to signifier sentiment.

Price Action Summary

• XRP oscillated betwixt $2.79 and $2.85, a 2% corridor.
• Resistance held steadfast astatine $2.85, with rejection successful the 12:00 hour.
• Support persisted astatine $2.78, repeatedly defended connected precocious volume.
• Late league saw a drift from $2.83 to $2.82, with 1.6M prints confirming continued distribution.
• Final bars showed waning volume, hinting astatine selling exhaustion adjacent $2.82.

Technical Analysis

The $2.85 portion has hardened into proviso aft aggregate rejections, portion $2.78 remains the cardinal enactment pivot. Exchange inflows and organisation from ample holders reenforce near-term downside risk, peculiarly arsenic leverage builds with futures OI approaching $9B.

Still, repeated defenses of $2.78 awesome organization accumulation astatine the base. A interruption supra $2.85 could reopen $2.90–$3.00, portion a gaffe done $2.78 risks accelerating toward $2.72.

What Traders Are Watching?

• Whether $2.78 continues to clasp arsenic the structural floor.
• If leverage positioning unwinds, adding volatility to the $3.00 retest attempt.
• Ongoing whale organisation versus signs of dip accumulation.
• ETF and Fed catalysts arsenic drivers of the adjacent breakout from the $2.78–$2.85 range.