XRP experienced a significant drop in value as it struggled to maintain its upward momentum, collapsing under heavy selling pressure on September 25. The cryptocurrency, which surged above the $2.90 mark, quickly fell back to $2.75, witnessing a staggering $277 million spike in trading volume. This decline has resulted in the loss of over $18 billion in market capitalization within the week, reaffirming a resistance level at $2.80, while traders now pivot their attention to the crucial support level at $2.70.
During the trading session from September 25 to 26, XRP slid by 5.83%, retreating from $2.92 to $2.75 as institutional sellers intensified their offloading of the asset. A notable rejection at the $2.80 mark around 5:00 PM triggered a volume spike of 276.77 million—more than 2.5 times the average for the past 24 hours. This heavy selling overshadowed recent optimism regarding the approval of the first U.S. XRP exchange-traded fund (ETF), as concerns grew over comments from Federal Reserve Chairman Jerome Powell regarding asset valuations and increasing Treasury yields.
Throughout the past week, XRP’s market value has shrunk by approximately $18.94 billion, a decline of 10.22%, and has now fallen below the crucial psychological barrier of $3.00. The cryptocurrency traded within a range of $2.92 to $2.74 during the session, sealing an intraday range of 6.3% before ultimately closing near $2.75. Sellers predominantly controlled the market following the $2.80 rejection, establishing a distribution phase that has limited further upward movement.
Despite attempts to recover, XRP’s price failed to stabilize above $2.81 to $2.82, reinforcing fresh resistance in these zones. In the closing hour of trading, there was a brief uptick of 1.09%, where XRP climbed from $2.75 to $2.78, boosted by concentrated trading flows that exceeded 3 million per candle. Traders are now keenly watching for immediate support at the $2.75–$2.77 range, with a potential downward pattern indicating risks towards the $2.70 level if that support fails to hold.
From a technical standpoint, the trading range reflected a significant 0.18 (6.3%) fluctuation between the day’s high of $2.92 and a low of $2.74. Key resistance points are now established at the initial rejection at $2.80 and further clusters around $2.81 to $2.82 following unsuccessful retests. Meanwhile, the support zone at $2.75 was defended in late trading, while the $2.70 psychological level remains a focal point for traders moving forward. In terms of trading volume, the spike of 276.77 million significantly contrasts with the daily average of 108.42 million, signaling potential distribution patterns ahead.
As traders analyze the market, they are particularly focused on whether the $2.75 support will hold through the Asian trading session or slip towards $2.70. The interplay between ETF enthusiasm and actual cash outflows continues to generate uncertainty, with a prevailing sell-the-news sentiment present in the market. Additionally, whale activity, evidenced by approximately $800 million in transfers over the past week, raises concerns about forthcoming positioning risks should selling pressure resume. The overarching macroeconomic landscape adds another layer of complexity to the situation, with Powell’s hawkish stance, rising Treasury yields, and constrained Fed cut expectations potentially influencing future market dynamics.
