XRP price fell to $1.35 in late morning trading on October 8, extending its decline from the late-September peak to 18.7% and putting the token on course for one of its sharpest reversals of the past several weeks.
The selloff accelerated after XRP lost three closely watched support areas in quick succession: $1.45, then $1.40-$1.41, and then $1.37-$1.38. At the same time, a transfer of 1.6 billion XRP to Binance heightened concern that more supply could reach the market.
While the broader crypto market was also under pressure as Treasury yields and oil prices climbed, XRP underperformed both bitcoin and ether during the session, suggesting token-specific factors were amplifying the move lower.
Key Facts
- XRP traded at $1.35 at 11:43 a.m. ET on October 8, down 5.58% over 24 hours and 18.7% below its late-September high of $1.6612.
- The token’s market capitalization stood at $85.2 billion with 63.09 billion XRP in circulation and $2.45 billion in 24-hour trading volume.
- A transfer of 1.6 billion XRP to Binance, worth about $2.16 billion at $1.35, equaled roughly 2.5% of circulating supply.
- US spot XRP ETFs recorded $3.14 million of net inflows on October 6 and have now posted 12 consecutive weeks of inflows.
- Evernorth, which holds 473 million XRP, postponed its expected Nasdaq debut from October 8 to October 12.
XRP Price
XRP’s latest slide marks a sharp reversal from the rally that began in mid-August, when the token briefly dipped below $1 before recovering strongly through September. That recovery stalled in the $1.60 to $1.70 region, an area traders had been watching as major resistance. Instead of breaking higher toward the $1.80 to $2.00 range, XRP rolled over and began losing the support levels that had defined its uptrend.
The technical damage is significant because the breakdown was sequential and fast. Buyers had defended $1.45 into early October, but that floor gave way on October 7. The next area, $1.40 to $1.41, failed the following morning, followed shortly by the $1.37 to $1.38 band. That leaves $1.34, a 78.6% retracement of the move up from the August lows, as the next major chart reference.
For investors, the move matters beyond short-term volatility. XRP is still 35% above the $1 level tested in mid-August, but it remains 63% below its all-time high of $3.65 and 53% below the $2.90 area seen a year earlier. The current decline suggests the market is re-pricing near-term optimism around exchange-traded products, protocol upgrades, and corporate treasury demand against a more difficult macro backdrop and renewed supply concerns.
“XRP’s drop below $1.40 shifted the focus from breakout hopes to capital preservation, with the $1.27-$1.34 demand area now emerging as the next zone bulls need to defend.”
Why the selloff accelerated
The most immediate token-specific concern was the 1.6 billion XRP transfer to Binance. Large transfers to an exchange do not prove a sale is imminent, since wallets can be rebalanced internally or inventory can be moved for collateral and market-making purposes. Even so, the timing mattered. The transfer appeared as XRP was already testing support in a weak market, encouraging traders to step back rather than buy the dip.
Another factor was the postponement of Evernorth’s Nasdaq listing to October 12. The company, which holds 473 million XRP worth roughly $639 million at the session price, had been viewed as a potential October catalyst. The delay does not alter the longer-term idea of a listed XRP treasury vehicle, but it removed a near-term event that some traders had been counting on to support sentiment.
Implications for Investors
The immediate issue for portfolios is whether XRP can stabilize above the $1.34 area or whether the decline extends toward the $1.27 demand zone referenced by market participants. If $1.34 fails decisively, investors may begin to assume a near-complete retracement of the August-September rally. On the upside, bulls would likely need to reclaim $1.45 before sentiment can improve meaningfully, with $1.52 to $1.55 remaining an important resistance band.
There are both supportive and cautionary signals in the background data. On the positive side, US spot XRP ETFs have attracted money for 12 straight weeks, even as bitcoin and ether products have seen notable outflows. That suggests a base of institutional or semi-institutional demand is still present. However, the scale of those inflows remains modest relative to XRP’s size, daily trading volume, and recurring supply from escrow releases.
Investors should also weigh XRP’s higher sensitivity to risk-off moves. Rising oil prices, a 10-year Treasury yield at 5.35%, and expectations of another Federal Reserve rate hike all create a tougher environment for non-yielding assets. XRP tends to move more sharply than bitcoin in both directions, so macro pressure can produce outsized price swings, especially when liquidity is thin and support levels are broken in quick succession.
The next several sessions will be critical. Traders will be watching whether Binance reserve data stabilizes, whether Evernorth’s October 12 listing restores some risk appetite, and whether XRP can hold the last major retracement support before the market starts targeting deeper downside.