XRP Unable to Hold $3 as Spot Market Activity Wanes

XRP Trades in Tight Range as Leverage and Institutional Flows Influence Price

XRP remained in a narrow $2.78–$2.85 range on Oct. 10, with traders closely monitoring whether the $2.78 support holds amid rising leverage and heavy institutional activity.

Over the past 30 days, 440 million XRP were distributed, pushing exchange reserves to nine-month highs, while futures open interest climbed near $9 billion, highlighting growing market risk. Bulls have repeatedly defended the $2.78 floor, but distribution from large holders has capped upward momentum.

Market Action
XRP opened around $2.83 and closed at $2.82, briefly testing $2.85 before rejection. Trading volumes spiked above 123 million at 08:00 — roughly double the daily average — signaling significant institutional participation. The token remained confined to a 2% corridor, with support at $2.78 holding firm. Late-session drift to $2.82, accompanied by declining volumes, suggests potential selling exhaustion.

Technical Outlook
Resistance at $2.85 has solidified, while $2.78 remains a key support pivot. Rising exchange inflows and ongoing distribution point to near-term downside risks, especially as futures open interest nears $9 billion.

Repeated defenses at $2.78 indicate institutional accumulation. A break above $2.85 could open the way to $2.90–$3.00, while a slip below $2.78 risks accelerating toward $2.72.