XRP Sitting Around $2.40 Could Trigger a Relief Rally Should Whales Lighten Their Pressure

XRP Plummets 6% to $2.41 as Whale Selling Sparks Derivatives Deleveraging

XRP (XRP) dropped 6% from $2.49 to $2.41 between October 14–15, marking one of the token’s sharpest single-day declines this month. The decline followed continued whale distribution, with 2.23 billion XRP — worth around $5.5 billion — moved to exchanges since October 10.

Futures open interest fell 50% to $4.22 billion, signaling forced deleveraging as market makers scaled back risk amid ongoing macroeconomic and regulatory uncertainty. Overall, this heavy institutional selling erased roughly $10 billion in market value across derivatives markets.

Price Action Recap

• XRP slid from $2.56 to $2.41 in the 24-hour period ending Oct. 15, 20:00, representing a 6% drop and a $0.15 intraday range (6.3% volatility).
• Selling pressure intensified between 13:00–15:00, with volumes climbing from 119M to 154M tokens.
• Support at $2.48–$2.50 failed, triggering cascade liquidations that drove XRP down to $2.40.
• A brief attempt to rebound to $2.44 around 19:27 was rejected, with XRP closing near the lows at $2.41.
• Final-hour volumes peaked at 4.5M, confirming capitulation before activity declined.

Technical Analysis

• Breach below $2.48 confirms a short-term downtrend.
• Support now sits at $2.40–$2.42, with interim resistance at $2.55–$2.56 and broader supply near $2.65.
• Volume patterns indicate institutional selling, not retail panic.
• If $2.40 holds, XRP may consolidate in a range-bound pattern until leverage stabilizes. A clean reclaim above $2.55 could signal re-accumulation.
• Momentum indicators remain oversold, while funding rates on major derivatives platforms turned negative, reinforcing bearish sentiment.

Key Levels and Watchpoints

1. $2.40 support — can it withstand further whale or fund selling?
2. Open interest recovery — a signal of stabilization or new short positions.
3. Spot inflows vs. exchange outflows — to track potential accumulation.
4. Reaction at $2.65 resistance — for confirmation of a possible bounce.