Failed Breakout at $2.93 Sees XRP Re-test Key $2.85 Support Level

XRP attempted to push past $2.90 on Wednesday but reversed sharply, ending the day at $2.85 as profit-taking overshadowed buying momentum. A new supply zone has emerged at $2.92–$2.93, while the $2.85 support level is under pressure amid ongoing macroeconomic headwinds.

Market Overview
On October 8, XRP climbed roughly 2% intraday, rising from $2.88 to $2.93 on turnover of 86.6 million — nearly double the 24-hour average of 48.3 million. The spike coincided with rising geopolitical tensions and central bank activity, driving volatility across risk assets. Despite signs of growing institutional adoption, traders booked profits into the U.S. session close.

Price Action Highlights

• XRP traded in a $0.08 corridor (3% range) between $2.85 and $2.93.
• Afternoon breakout above $2.90 peaked at $2.926 before reversing.
• The rally established a supply zone at $2.92–$2.93.
• Closing hour saw price dip from $2.86 to $2.85 on 2.97 million volume, confirming a short-term pullback.
• XRP settled at $2.851, down 2.5% from intraday highs.

Technical Outlook

• $2.86 support cracked under heavy selling, turning it into near-term resistance.
• Immediate support sits at $2.85; a decisive break could expose $2.80.
• Resistance remains at $2.92–$2.93, where high-volume selling capped gains.
• While short-term momentum appears bearish, ongoing institutional accumulation and potential regulatory catalysts provide broader support.

Key Levels to Watch

• Can $2.85 hold as a floor, or will price test $2.80?
• Retest of $2.92–$2.93 supply zone if bullish momentum returns.
• Macro drivers: Fed policy expectations and trade tensions influencing risk flows.
• ETF and regulatory developments that could trigger renewed institutional demand.