XRP price today is under pressure as the token struggles to stay above $3, slipping to $2.98 amid falling trading volume and weak investor participation.

This pullback comes as the crypto market faces a 1% drop in global market cap, signaling a broader risk-off mood. Despite short-term weakness, XRP remains up 3% over the past month, keeping mid-term bullish sentiment alive.

XRP Faces Market-Wide Selloff

The current XRP price briefly dropped from $3.04, breaking a key psychological level before stabilizing near the $2.98 support zone. CoinGlass data reveals that nearly $7.93 million in XRP positions were liquidated within the last 24 hours, with long traders bearing the majority of the losses. This created a 903% liquidation imbalance, highlighting how many market participants were caught off guard, expecting a breakout rally.

XRP was trading at around $2.98, down 0.10% in the last 24 hours at press time. Source: XRP price via Brave New Coin

This liquidation wave mirrors a broader trend across major cryptocurrencies. Ethereum led the market with over $61 million in long positions wiped out, while Bitcoin bulls saw $33.1 million in losses, signaling a synchronized risk-off sentiment across the market.

XRP Trading Volume and Open Interest Decline

XRP trading volume is down 28.6% to $3.83 billion, showing that investors are stepping back as they await clearer signals. Open interest in XRP futures has also dropped to $8.89 billion, pointing to waning speculative appetite. Analysts warn that low participation levels may leave XRP vulnerable to further price swings if selling pressure continues.

Still, the XRP crypto price remains supported above $2.90, with the $2.83–$2.90 zone acting as a key demand area. A sustained hold here could provide bulls with a fresh base to attempt another push higher in the weeks ahead.

Analysts Split on XRP Price Predictions

When it comes to XRP price prediction, analysts remain divided. Javon Marks projects XRP could climb to $9.90 if momentum holds, and even reach $20 in an extended rally. Others see a more modest target of $9.69, provided XRP maintains support above $3.

XRP turned bullish after breaking its daily descending triangle, with $3.20 as key resistance and potential targets of $3.40–$3.60, with a dip to $2.80–$2.90 may offer a buying opportunity. Source: TheSignalyst on TradingView

However, some analysts caution that failing to defend the $3 level could open the door to a dip toward $2.90–$2.95, where buyers may look to re-enter. This support zone is crucial for maintaining the bullish structure following XRP’s recent breakout from its descending triangle pattern.

Institutional Activity and Speculation

Some experts argue that XRP’s sluggish price action is not entirely organic. Versan Aljarrah, founder of Black Swan Capitalist, and macro commentator Dr. Jim Willie both suggested that institutional players might be suppressing Ripple XRP’s price to accumulate the asset at lower levels before a major market shift.

“Were it not for this price suppression, XRP could have easily traded between $7 and $8 during the latest rally,” Willie stated. This theory aligns with growing institutional interest, including Ripple’s partnerships with traditional banks and the rising demand for XRP custody solutions in Asia.

Technical Levels to Watch

From a technical perspective, XRP is trading within a $3.00–$3.20 resistance band, a critical zone that previously acted as supply. A decisive daily close above $3.20 could trigger a rally toward $3.40, then $3.60 and beyond.

The chart indicates that the overall upward trend is likely to continue, as no new lower lows have formed on the higher timeframe. Source: Rasooldavarpanah on TradingView

On the downside, analysts are watching $2.80–$2.90 as the next support zone. As long as XRP holds above $2.70, the bullish outlook remains intact, though traders are urged to manage risk amid heightened volatility.

Outlook: Can XRP Rebound in October?

Historically, October has been a strong month for crypto assets, often marking the start of year-end rallies. If seasonal trends hold, XRP could benefit from renewed inflows as traders position for a potential breakout.

For now, XRP price today remains in a tight range, with momentum hinging on whether bulls can reclaim the $3.08–$3.20 zone. A strong push above resistance could confirm the next leg up, while failure to do so may extend the consolidation phase.