XRP is rejecting at $2.93 while testing the $2.85 support.

XRP Price Movement and Declines

XRP has drawn attention by recently rising above the $2.90 level. However, the increase was reversed as profit-taking occurred, and the price fell back to the $2.85 level. Analysts note that a new supply zone has formed between $2.92 and $2.93, while the $2.85 level is being examined as a potential support.

Trading Volume and Influencing Factors

XRP increased by 2% intraday on October 8, rising from $2.88 to $2.93 at 5:00 PM. During this period, the trading volume reached $86.6 million, nearly doubling the average volume in the last 24 hours. The rise was triggered by increasing geopolitical tensions and central bank maneuvers, leading to overall volatility in risky assets.

Technical Analysis and Support Levels

The price traded within a range of $0.08 between $2.85 and $2.93. In the afternoon, the price showed a breakthrough above the $2.90 resistance, reaching $2.926 and then experiencing a decline. This movement created a supply zone between $2.92 and $2.93. As the closing hour approached, the price retreated from $2.86 to $2.85, confirmed by a volume of 2.97 million. XRP closed at $2.851, with a 2.5% loss compared to its intraday peaks.

Developments Traders Are Watching

Traders are watching whether the $2.85 level will hold as support in the near term or if a decline to the $2.80 level will occur. Additionally, if momentum returns, the potential retest of the supply zone between $2.92 and $2.93 is noteworthy. Macroeconomic factors, Federal Reserve's policy expectations, and trade tensions are significant elements affecting risk flows. Moreover, themes of ETF and regulatory clarity have the potential to redirect institutional demand.