Heavy institutional selling wipes out 10 billion. USD in market capitalization as leverage settles across derivatives markets.
News background
- XRP endured one of its steepest one-day declines this month, falling 6% from $2.49 to $2.41 between October 14 and 15. The drop followed sustained whale distribution, with 2.23B tokens – worth around $5.5B – moved to exchanges since October 10.
- Open interest on futures collapsed by 50% to 4.22 billion. USD, signaling forced deleveraging as market makers reduced risk exposure amid ongoing macro and regulatory uncertainty.
Summary of price action
- XRP collapsed from $2.56 to $2.41 during the 24-hour window ending on October 15 at 20:00, which marked 6% downside and a $0.15 trading range (6.3% intraday volatility).
- The intense selling pressure hit from 13.00-15.00, when volumes increased from 119 million to 154 million
- Support failed at $2.48-$2.50, triggering cascading liquidations that brought the price to $2.40.
- A brief recovery attempt at $2.44 around 19:27 was rejected; the price closed near the low at $2.41.
- Final hourly volumes peaked near 4.5M, confirming capitulation before activity slowed.
Technical Analysis
- The break below $2.48 confirms short-term trend reversal. Support now rests at $2.40-$2.42, with temporary resistance at $2.55-$2.56 and broader overhead supply at $2.65.
- Volume-weighted metrics point to institutional exodus rather than retail panic. If $2.40 holds, expect range-bound chop until leverage normalizes; a clean recovery above $2.55 would suggest re-accumulation.
- Momentum oscillators remain oversold, but buyers have yet to increase size. Funding rates across major derivatives platforms turned negative, reinforcing the bearish bias through midweek.
What Traders See
- Can support at $2.40 withstand further selling by whales or funds?
- If open interest recovers after a 50% drop — signal of stabilization or fresh shorts.
- Spot inflows vs. exchange expiration to gauge whether accumulation resumes.
- Reaction near $2.65 resistance for any credible rejection confirmation.
