On October 6, XRP price action was defined by a sharp rejection at $3.07, followed by a pullback and stabilization around $2.98. Early session strength saw the token spike into the range, but concentrated selling pressure at higher volumes prevented further upside, leaving a high-volume ceiling intact. Institutional order flows were prominent, with prints confirming $3.07 as a key resistance level.
The intraday range between $2.98 and $3.07 represented a 3 percent corridor, during which nearly 64.3 million tokens changed hands at the resistance zone, above the 54.7 million average daily volume. The pronounced distribution led to a swift reversal into afternoon trading, dragging the price back toward the lower boundary, where buying interest emerged consistently.
Despite the bearish control for most of the session, XRP ended with a late-session rebound off $2.979. Buyers absorbed a 1.95 million token flush before stabilizing the price near support. The defense of the $2.98 level signals that institutional participants continue to accumulate on dips, maintaining the structural integrity of the trading band and setting up for potential renewed attempts to challenge resistance.
Technical indicators show that the token remains range-bound, with short-term moving averages flattening after the rejection. On-chain metrics reveal that large wallets increased net inflows during the pullback, further corroborating the bullish case for sustained demand at current levels.
Key levels to watch include the $3.03 intermediate zone, which may act as a trigger point for a breakout if breached, and the $2.98-$2.95 support corridor, where buyers have historically stepped in. Traders will be monitoring volume profiles and order book depth ahead of upcoming U.S. debt ceiling negotiations, as macro catalysts could drive increased volatility in the digital asset markets.
Overall, the session’s price dynamics underscore the dual nature of market structure, where disciplined sellers cap gains at resistance, while strategic buyers defend support, leaving XRP poised for a potential resumption of its up-move if market sentiment shifts positive in the near term.
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