Sellers Take Control: XRP Rejected at $3 and Ends the Day in the Red

XRP’s early push toward $3.07 ran into significant selling pressure on elevated volume, confirming the level as strong resistance and driving the price back to $2.98. Repeated defenses at this support suggest continued accumulation from institutional participants.

Market Overview
From Oct. 5, 03:00 to Oct. 6, 02:00, XRP slipped 1%, retreating from $3.01 to $2.98 despite early strength. The token briefly spiked to $3.07 but faced concentrated selling. Analysts noted that institutional desks were highly active at resistance, with turnover 17% above daily averages.

Price Action Highlights

XRP traded in a $0.09 intraday range (3%) between $2.98 and $3.07.
Price peaked at $3.07 before rejection on 64.3M tokens, exceeding the 54.7M daily average.
Selling pressure drove XRP back to $2.98, where support was repeatedly defended.
A late-session dip to $2.979 on 1.95M volume was quickly absorbed by buyers.
Recovery flows stabilized price near $2.98, with rebound volumes averaging 750K per bar.

Technical Analysis
Resistance at $3.07 remains firm, reinforced by repeated failures to break higher and elevated selling. Support at $2.98 continues to hold, reflecting strong buyer interest. Overall, price action shows a rejection-driven pullback within the $2.98–$3.07 band. Although sellers dominated much of the session, institutional accumulation on dips suggests potential for another upward move.

Traders’ Focus

Monitoring whether $2.98 continues to hold as critical support.
Watching if $3.07 remains a hard ceiling or weakens under renewed buying pressure.
Observing sustained institutional inflows, particularly with ETF catalysts approaching.
Potential test of $3.10 if buyers reclaim control above $3.03.