.png){kind=logo}
XRP faced strong resistance at $3.07, and the most recent trading session showed a drop to $2.98. The cryptocurrency experienced heavy selling pressure at higher levels, and institutional activity confirmed that $3.07 was a key resistance point. However, it managed to avoid further declines, thanks to steady buying activity around $2.98.
Over the 24 hours between October 5 and October 6, XRP dropped nearly 1% in a tight range, fluctuating between $2.95 and $3.07. The turnover was 17% higher than the daily averages, indicating intensive involvement of institutional desks. Buyers took large volumes at the edges of support despite the sellers taking much of the session, and accumulation interest in buyers continued.
According to market data, at a 64.3 million token volume, there was a sharp rejection at $3.07, followed by a recovery to approximately $2.98. Institutional traders were trading at each end of the range, indicating strategic placement around the resistance and support areas.
The technical readings proved that the XRP has a strong ceiling of $3.07. Every effort to push higher caused heavy selling, and the level of $2.95 was defended multiple times. Buyers have intervened in the market, accepting any short-term declines with the structure intact, in case of an upsurge or a change in momentum.
An end-of-the-day spurt took XRP to $3.05; however, the pressure was instantly absorbed, and the price rested at around $2.98. Recovery volumes were approximately 750,000 tokens per trading bar, indicating the existence of liquidity and institutional accumulation.
The traders are currently watching to see whether the support at $2.98 will hold in the forthcoming sessions, and the $3.07 barrier will be weakened by renewed buying pressure. Any break above $3.03 would lead to an option of testing $3.10, particularly considering that bigger market drivers, such as a possible ETF development, would be of interest.
Compared to XRP, ADA by Cardano performed better than the rest of the market, registering an 8% increase in a week. The increase was observed when Bitcoin reached a new all-time high of $125,506, which boosted sentiment in the key altcoins. With increased investor involvement, ADA recorded a high trading volume of over 1.5 billion in under 24 hours.
On the other hand, XRP's trading volume dropped to nearly $5 billion after reaching $8.5 billion in September. Both coins remain within their main trading zones, with XRP at or around the $3 level and ADA at or around the $1 level, until the market receives additional momentum.
There remains optimism surrounding the cryptocurrency market, and both assets are also experiencing improved sentiment and increased institutional buying. A potential ruling on the pending XRP ETF may impact Ripple's short-term outlook, while Cardano's steady performance makes it one of the top performers in the altcoin market.
Also Read: Will XRP Soar? Potential Gains from October’s ETF Approval
