- XRP rose above $2.90 before pulling back to $2.85 during heavy trading on October 8.
- Trading volume nearly doubled the 24-hour average, reaching 86.6 million units.
- A supply zone formed between $2.92 and $2.93, with resistance at those levels.
- The price floor at $2.85 remains under pressure due to broader market concerns.
- Traders are watching for moves below $2.85 and any renewed momentum toward $2.92-$2.93.
XRP experienced a sharp price move on October 8, briefly climbing past $2.90 and peaking at $2.93 before settling back to $2.85. The volatile session saw the digital asset initially surge during the afternoon but retrace much of its gain by the U.S. market close.
Volume spiked to 86.6 million, nearly twice the typical 24-hour average of 48.3 million, according to market data. This activity took place amid higher overall market volatility, which was tied to increased geopolitical uncertainty and changes in global central bank policy.
Price action centered on a narrow range, with XRP trading between $2.85 and $2.93. Afternoon buying pushed the token through resistance at $2.90, touching a high of $2.926 before profit-taking reversed the move. A supply zone—where sellers typically outnumber buyers—emerged between $2.92 and $2.93. Following this reversal, the price dipped from $2.86 to $2.85 on a closing hour volume of 2.97 million, marking a 2.5% drop from intraday highs.
Support at $2.86 failed to hold, turning that level into fresh resistance. The next potential support lies at $2.85, with further risks seen toward $2.80 if that level does not hold. Resistance remains at $2.92–$2.93, where sellers were strongest. While short-term momentum is negative, analysts note underlying themes of institutional accumulation and possible regulatory developments continue to influence broader market sentiment.
Market participants are watching to see if $2.85 will remain a price floor or if it will give way to lower levels. Key factors under review include expectations around U.S. Federal Reserve policy, ongoing trade tensions, and developments relating to exchange-traded funds (ETFs) and regulatory clarity, which could affect institutional demand for XRP.
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