XRP collapsed as much as 42% in Friday’s trade, its sharpest one-day drop in recent years, as whales liquidated across major venues and futures open interest fell $150 million.
The selloff drove price as low as $1.64 before a partial recovery to $2.36, with volumes surging 164% above the 30-day average — a sign of forced deleveraging across corporate desks.
What to Know
• XRP fell from $2.82 to $2.36 between Oct 10, 01:00 and Oct 11, 00:00, posting a 16% daily loss.
• Intraday volatility peaked at 43%, with prices briefly wicking to $1.64 during high-frequency liquidation sweeps.
• Institutional futures open interest dropped from $9.0B to $8.85B as long liquidations hit $21M versus $2M shorts.
• 320M XRP transferred to exchange wallets in the past week, confirming whale distribution pressure.
• Late-session buying stabilized price near $2.35–$2.40, with accumulation volumes exceeding 12M in the final 15 minutes.
News Background
• Ripple’s ecosystem faces macro and structural stress: global trade tensions, diverging central-bank policy, and uncertainty over U.S. digital banking licenses.
• Ripple’s National Trust charter deadline passed on Oct 7, heightening regulatory risk premiums around XRP-linked institutional products.
• Despite the drawdown, on-chain data shows long-term holders adding below $2.40, suggesting value-based repositioning.
Price Action Summary
• XRP opened near $2.82 and sold off aggressively by mid-session, breaching key supports at $2.70 and $2.50.
• The heaviest liquidation occurred between 15:00–21:00 UTC, when hourly volume hit 817.6M.
• Low of $1.64 marked potential capitulation point; bounce to $2.36 capped at resistance around $2.84.
• The final 60 minutes (23:41–00:40) saw a stabilization move from $2.31 → $2.38 (+2%), with algos breaking $2.35 on sustained bids.
Technical Analysis
• Support: Established around $2.30–$2.35; extended downside risk to $2.22 if volume dries up.
• Resistance: Layered at $2.84–$2.90, with $3.05 as macro breakout trigger.
• Volume: Up 164% vs. 30-day average — capitulation-grade turnover.
• Trend: 75-day symmetrical triangle broken to downside; needs close above $2.90 to regain structure.
• Momentum: RSI levels near multi-month lows; volatility bands expanding, signaling potential base formation.
What Traders Are Watching
• Whether $2.30 support zone attracts sustained whale accumulation.
• Rebuild of open interest following $150M contraction in derivatives markets.
• Regulatory clarity post-Ripple charter review, and its impact on corporate adoption.
• Cross-asset spillover from BTC’s $125K rally — potential relief rotation back into XRP.
• Technical confirmation above $2.90 to invalidate short-term bearish bias.
