Rejected at $2.93, Tests $2.85 Support After Failed Breakout

XRP spiked above $2.90 on double-average volume before profit-taking reversed gains, leaving price back at $2.85. A fresh supply zone formed at $2.92–$2.93, while the $2.85 floor is now under scrutiny as macro headwinds weigh on flows.

News Background

XRP rallied 2% intraday on Oct. 8, jumping from $2.88 to $2.93 at 17:00 on 86.6M turnover — nearly double the 24-hour average of 48.3M. The move coincided with heightened geopolitical tensions and central bank maneuvering, which fueled broader volatility across risk assets. Traders noted that despite stronger institutional adoption trends, profit-taking dominated into the U.S. close.

Price Action Summary

• XRP traded a $0.08 corridor (3% range) between $2.85 and $2.93.
• Afternoon breakout through $2.90 resistance peaked at $2.926 before reversing.
• The rally established a supply zone at $2.92–$2.93.
• Closing hour saw price slip from $2.86 to $2.85, with 2.97M volume confirming a breakdown.
• XRP settled at $2.851, down 2.5% from intraday highs.

Technical Analysis

Support at $2.86 cracked under heavy sell pressure, turning that level into near-term resistance. The next floor sits at $2.85, with any decisive break opening risk toward $2.80. Resistance remains at $2.92–$2.93, where high-volume rejection printed. While price structure shows bearish momentum short term, institutional accumulation themes and regulatory catalysts still underpin broader positioning.

What Traders Are Watching?

• Whether $2.85 holds as a near-term floor or yields to $2.80.
• A retest of $2.92–$2.93 supply zone if momentum returns.
• Macro catalysts: Fed policy expectations and trade tensions impacting risk flows.
• ETF and regulatory clarity themes that could re-anchor institutional bids.