Bearish Momentum Hits XRP: Price Rejected Above $3 and Closes Lower

XRP’s attempt to push above $3.07 faced heavy selling on elevated volume, establishing the level as a strong resistance while the price retreated to $2.98. Repeated defenses at this support indicate continued institutional accumulation.

Market Overview
Between Oct. 5, 03:00 and Oct. 6, 02:00, XRP dropped 1%, falling from $3.01 to $2.98 despite early bullish momentum. The token spiked briefly to $3.07 but encountered concentrated selling. Analysts observed that institutional desks were highly active at resistance, with turnover 17% above daily averages.

Price Action Highlights

• XRP traded in a $0.09 intraday range (3%) between $2.98 and $3.07.
• Price peaked at $3.07 before rejection on 64.3M tokens, exceeding the daily average of 54.7M.
• Selling pressure drove XRP back to $2.98, repeatedly defended by buyers.
• A late-session dip to $2.979 on 1.95M volume was absorbed immediately.
• Rebound flows stabilized the price near $2.98, with recovery volumes averaging 750K per bar.

Technical Analysis
Resistance at $3.07 remains intact, reinforced by repeated failures to break higher and elevated selling. Support at $2.98 continues to hold, reflecting consistent buyer interest. Price action shows a rejection-driven pullback within the $2.98–$3.07 band. While sellers dominated much of the session, institutional buying on dips signals potential for another upward push.

Key Levels to Watch

• $2.98 as critical support in upcoming sessions.
• $3.07 as key resistance and whether it can be breached.
• Signs of institutional inflows, especially as ETF catalysts approach.
• Potential test of $3.10 if buyers reclaim control above $3.03.