XRP Drops Below $2.60 Amid $63M Whale Transfer to Binance

XRP Market Dynamics

Aggressive selling near the $2.66 resistance level, alongside significant inflows to Binance, suggests short-term distribution.
Institutional investors are actively buying the dip at $2.55, as shown by volume data.
A large transfer of 23.9 million XRP (approximately $63 million) to Binance coincided with increased selling pressure.
Despite a market-cap recovery to $32 billion following trade-related news, open interest rose by 2.4% to $1.36 billion, indicating high leveraged positions.

Price Action Summary

XRP traded within a $0.11 range (4%) from $2.54 to $2.66 between October 13 and 14.
Volume spiked to 244.6 million at 13:00, nearly three times the average, confirming robust dip-buying near $2.55.
The price peaked at $2.66 before a sell-off led to a close at $2.55.
Selling pressure continued, breaking the $2.57 support with 4 million in volume, consolidating between $2.55 and $2.56 by the close.

Technical Analysis

The $2.55–$2.56 zone serves as near-term support, while resistance is firm at $2.65–$2.66 due to profit-taking and whale activity.
The momentum bias is bearish below the 200-day moving average of $2.63; reclaiming above $2.60 could lead to another test of $2.70.
Volume spikes on dips indicate institutional buying, but lower highs suggest supply surpasses demand.

Traders' Focus

Ability of $2.55 support to hold during weekend Asian sessions.
Market's reaction to the $2.65–$2.66 resistance zone on the next uptick.
Binance whale flows as indicators of ongoing distribution or rotation.
Potential for leverage reduction if open interest remains high at $1.36 billion.