XRP Holds $2.90 After $500M Liquidated From Aggressive Long Positions -

XRP dropped nearly 4% on Tuesday, falling from resistance near $2.99 to stabilize around $2.878 as institutional selling intensified. Trading volumes surged to almost seven times the daily average, with liquidations exceeding $500 million. Market participants are now closely watching whether the $2.85–$2.87 support zone can hold ahead of Ripple’s U.S. banking charter review.

Market Overview
Ripple’s application for a national banking charter faces regulatory scrutiny, with the Oct. 7 OCC review deadline being a critical milestone. Broader macro pressures, including trade disputes and diverging central bank policies, continue to weigh on crypto liquidity, affecting enterprise-focused tokens like XRP.

Binance custody data shows reserves rose ~19% over the week, indicating selling pressure, even as some whale accumulation continues on-chain.

Price Action Snapshot

Resistance: $2.993 held strong throughout the session.
Breakdown: Heavy selling between 13:00–15:00 UTC drove XRP to $2.878 on 586.9M volume.
Range: 24-hour trading spanned $0.144 (4.8%), wider than recent sessions.
Recovery: XRP bounced late in the session to $2.881, suggesting short-term stabilization.

Technical Insights

Support: $2.85–$2.87 is critical; a breach could expose $2.70.
Trend: Lower highs below $3.00 reinforce a bearish bias.
Volume: Sevenfold increase highlights institutional liquidation pressure.
Momentum: Minor late-session rebound hints at stabilization, but the setup remains fragile.

Key Watchpoints