XRP Faces Resistance at $2.60 as Whale Activity Intensifies
XRP's recent recovery momentum has encountered significant headwinds as substantial whale transactions on Binance created selling pressure that pushed the cryptocurrency back below the $2.60 threshold. The market witnessed a major transfer of 23.9 million XRP tokens, valued at approximately $63 million, directly to the Binance exchange, triggering a wave of selling that erased earlier gains. This development comes despite XRP's impressive rebound from last week's lows around $1.58, highlighting the ongoing volatility in the digital asset space. The increased open interest, which rose 2.4% to reach $1.36 billion, suggests that leveraged positions remain elevated even as the market navigates through the aftermath of Trump-induced tariff volatility. Price action has been oscillating around the $2.50-$2.60 range, indicating a critical juncture for XRP's short-term trajectory. The whale activity underscores the continued influence of large holders on price movements, while the sustained high open interest points to ongoing speculative interest in the asset. Market participants are closely watching whether XRP can consolidate above key support levels or if further whale selling will continue to cap upside potential. The cryptocurrency's ability to maintain its recovery from the $1.58 lows will likely depend on broader market sentiment and the balance between institutional selling pressure and retail investor accumulation.
XRP Retreats Below $2.60 Amid Whale Sales on Binance
XRP's recovery from last week's lows near $1.58 stalled as significant whale activity emerged. A single transfer of 23.9 million XRP, valued at approximately $63 million, landed on Binance, triggering selling pressure that erased early gains. Open interest climbed 2.4% to $1.36 billion, indicating Leveraged positions remain elevated despite the market's rebound from Trump-induced tariff volatility.
Price action oscillated between $2.54 and $2.66, with volume spiking to 244.6 million—triple the daily average—as buyers aggressively defended the $2.55 support level. Resistance at $2.65-$2.66 proved formidable, with derivatives desks noting fresh short positions accumulating in this zone.
The $2.55-$2.56 range now serves as critical near-term support, tested repeatedly under high-volume conditions. Market structure leans bearish as profit-taking and whale distributions cap upward momentum.
Veteran Trader Peter Brandt Turns Bullish on XRP Amid Market Recovery
Peter Brandt, a seasoned trader known for his chart analysis, has shifted his stance on XRP, now expressing bullish sentiment after previously indicating short-term bearish concerns. The change follows XRP's attempt to rebound from a broader market downturn that saw its price drop to $1.57 last Friday.
Brandt highlighted XRP's long-term chart as "purer," suggesting underlying strength despite recent volatility. The asset's resilience aligns with a cautious recovery across crypto markets, though traders remain wary of macro uncertainties.
XRP SOPR Hits 6-Month Low as Analyst Predicts Next Price Target
XRP's Spent Output Profit Ratio (SOPR) has plunged to 0.95, marking its lowest level in six months. The metric, which tracks whether investors are selling at a profit or loss, suggests weakening sentiment among holders.
Market commentator Xaif Crypto has identified a potential price target for XRP amid its current recovery attempt. The analysis comes as the broader cryptocurrency market shows signs of stabilization following recent volatility.
Ripple Launches $200K Bug Bounty for XRP Ledger Lending Protocol
Ripple has teamed up with Immunefi to host a $200,000 Attackathon, challenging security researchers to uncover vulnerabilities in the upcoming XRP Ledger Lending Protocol. The event runs from October 27 to November 29, with participants scrutinizing over 35,000 lines of C++ code. Rewards will be disbursed in Ripple's RLUSD stablecoin.
The XRPL Lending Protocol introduces fixed-term, uncollateralized loans for institutional players, operating without smart contracts or wrapped assets. An educational phase is already underway through the XRPL Attackathon Academy, featuring live sessions with Ripple engineers. The protocol is in its final development stages and will face a validator vote this month, with potential deployment slated for early 2026.
