XRP chopped in a narrow $2.78–$2.85 band, masking heavy institutional selling and rising leverage risks. Exchange reserves climbed to nine-month highs on 440M tokens distributed over 30 days, while futures open interest swelled near $9B. Bulls continue to defend the $2.78 floor, but distribution patterns cap upside momentum. News Background XRP traded flat to lower in the 24 hours to Oct. 10, opening near $2.83 and closing at $2.82. The token briefly rallied to $2.85 before rejection, with volumes spiking above 123M at 08:00 — double the daily average — confirming institutional activity at key levels. The session came as traders positioned ahead of macro catalysts, with Fed policy and regulatory clarity continuing to shape sentiment. Price Action Summary XRP oscillated between $2.79 and $2.85, a 2% corridor. Resistance held firm at $2.85, with rejection in the 12:00 hour. Support persisted at $2.78, repeatedly defended on high volume. Late session saw a drift from $2.83 to $2.82, with 1.6M prints confirming continued distribution. Final bars showed waning volume, hinting at selling exhaustion near $2.82. Technical Analysis The $2.85 zone has hardened into supply after multiple rejections, while $2.78 remains the key support pivot. Exchange inflows and distribution from large holders reinforce near-term downside risk, particularly as leverage builds with futures OI approaching $9B. Still, repeated defenses of $2.78 signal institutional accumulation at the base. A break above $2.85 could reopen $2.90–$3.00, while a slip through $2.78 risks accelerating toward $2.72. What Traders Are Watching? Whether $2.78 continues to hold as the structural floor. If leverage positioning unwinds, adding volatility to the $3.00 retest attempt. Ongoing whale distribution versus signs of dip accumulation. ETF and Fed catalysts as drivers of the next breakout from the $2.78–$2.85 range.
