XRP spiked to $3.05 on doubled turnover before fading into consolidation, with whales offloading more than $300M as institutional desks repositioned ahead of a pivotal Fed decision.
The $2.99 floor held on repeated defenses, leaving price boxed between $2.99 and $3.05 while ETF deadlines and rate speculation loom.
XRP gained 3% in the 24 hours to Oct. 7, trading between $2.97 and $3.05 before closing near $2.99. The move was driven by a surge in institutional flows — over 1.5B tokens transacted — and whale disposals exceeding $300M.
Macro catalysts dominated sentiment. Markets now price a 96% chance of a Fed rate cut on Oct. 29, while 70+ ETF applications, including seven for XRP, face SEC deadlines starting Oct. 19.
Resistance remains entrenched at $3.04–$3.05, where heavy selling capped the advance. Support is validated at $2.99, reinforced by multiple retests and absorption of intraday liquidation flows. The price structure suggests accumulation at the $2.99 base, with a potential bullish continuation if momentum can retake $3.03 and challenge $3.05. Breakout through this resistance could set up targets toward $3.10, though macro catalysts remain the dominant driver.