The XRP spiked at $ 3.05 on doubled turnover before fading in consolidation, with whales offset more than $ 300 million, as institutional desks repositioned in front of a central bold decision.
$ 2.99 floor that was held on repeated defense, leaving the price between $ 2.99 and $ 3.05, while ETF deadlines and evaluation speculation lies.
News Background
XRP rose 3% over the course of 24 hours to 7 October and traded between $ 2.97 and $ 3.05 before closing almost $ 2.99. The move was driven by a wave in institutional streams – over 1.5b -Tokens traded – and whale hearts over $ 300 million.
Makrokatalysts dominated mood. Markets now prices a 96% chance of a fat rate cut on October 29, while 70+ ETF applications, including seven for XRP, are facing SEC deadlines starting October 19.
Summary of Price Action
- XRP’s session area spans $ 0.08 (3%), from $ 2.97 low to $ 3.05 high.
- Afternoon rally raised price from $ 3.00 to $ 3.04 of $ 137 million. Revenue, almost 2x the daily average.
- Repeated rejection to $ 3.04- $ 3.05 confirmed resistance.
- Price consolidated around $ 2.99, where buyers stepped several times.
- A late flush for $ 2,981 was absorbed quickly, with volume tips of 2.2 m and created a short -lived floor.
Technical analysis
The resistance remains anchored to $ 3.04- $ 3.05, with sharply selling limited progress. The support is validated to $ 2.99, reinforced by multiple gene testing and absorption of intraday liquidation streams. The pricing structure suggests accumulation at the $ 2.99 base with a potential bullish continuation whose momentum can re -enter $ 3.03 and challenge $ 3.05. Breakout through this resistance could set targets against $ 3.10, although macro -catalysts remain the dominant driver.
Which dealers are looking at?
- Whether $ 2.99 applies as a fixed support base during continued whale distribution.
- If institutional positioning maintains momentum for October 19 ETF deadlines.
- Market reaction on Fed -Political Signals – A Cutting could lift currents over risk assets.
- Confirmation of breakout over $ 3.05 to lock the next leg up to $ 3.10- $ 3.12.
