XRP Holds $2.99 Support Amid Whale Sales and Fed Speculation
XRP experienced a price spike to $3.05 with doubled trading volume before settling into a consolidation phase. Whales offloaded over $300M, and institutional desks adjusted positions ahead of an important Fed decision.
Key Facts
- XRP rose 3% in the 24 hours leading to Oct. 7, fluctuating between $2.97 and $3.05, closing around $2.99.
- Institutional transactions surged, with over 1.5 billion tokens exchanged and whale disposals over $300M.
- Markets anticipate a 96% chance of a Fed rate cut on Oct. 29.
- 70+ ETF applications, including seven for XRP, face SEC deadlines starting Oct. 19.
Price Action Summary
- XRP ranged $0.08 (3%), from a low of $2.97 to a high of $3.05.
- An afternoon rally increased the price from $3.00 to $3.04 with 137M turnover, nearly double the daily average.
- Resistance was confirmed at $3.04–$3.05.
- Price consolidated around $2.99, with multiple buyer interventions.
- A brief dip to $2.981 was quickly absorbed, establishing a short-term floor.
Technical Analysis
Resistance is strong at $3.04–$3.05, while support holds at $2.99. The base at $2.99 suggests potential bullish continuation if momentum surpasses $3.03 and challenges $3.05. A breakout above this resistance could target $3.10. Macro events continue to influence trends.
Traders' Focus
- The durability of the $2.99 support amidst ongoing whale distribution.
- Institutional activity’s impact as the Oct. 19 SEC ETF deadlines approach.
- Market response to Fed policy signals; a rate cut might boost risk asset flows.
- Confirmation of a breakout above $3.05 to unlock potential growth toward $3.10–$3.12.