XRP’s price encountered selling pressure due to notable deleveraging in derivatives markets, especially during the October 14-15 session where it dropped significantly before stabilizing at the $2.40 support level.
The open interest in the derivatives market plummeted by 50%, reaching 4.22 billion USD, indicating a substantial reduction in trading activity as macroeconomic factors exerted pressure on XRP.
The near future is vital for XRP’s price action as traders watch for movement towards the $2.65 resistance level, critical for confirming upward momentum.
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