Market Overview for XRP/Tether (XRPUSDT) on 2025-10-06

• XRP/Tether declined by 0.26% over the last 24 hours, closing below key intraday resistance.
• Volatility expanded as the pair traded between $2.95 and $3.03, with volume surging at key pullbacks.
• RSI shows mild oversold conditions, suggesting a potential short-term rebound could materialize.
• A bullish engulfing pattern formed near $2.97, offering near-term support with a possible 3.5% retracement target.

At 12:00 ET on 2025-10-06, XRPUSDT opened at $3.0004, hit a high of $3.0334, and a low of $2.9504, closing at $2.9951. Total volume was 152.7 million XRP, with turnover of $460.8 million.

Structure & Formations
Price carved a bearish broadening pattern over 24 hours, with notable resistance at $3.0294 (61.8% Fib) and support at $2.9631 (38.2% Fib). A bullish engulfing candle at $2.9715 suggests short-term buyers are active. A doji at $2.9863 also indicates indecision.

Moving Averages
The 20-period and 50-period SMAs on the 15-minute chart intersected around $2.98–$2.99, with price testing the 50 SMA as support. Daily 50/100/200 SMA alignment shows the pair remains above long-term averages, indicating a neutral to slightly bullish bias.

MACD & RSI
MACD shows bearish divergence as the histogram has declined while price action has consolidated. RSI dipped below 30, indicating near-term oversold conditions. A 5–10% rebound may be in play if buyers step in above $2.9750.

Bollinger Bands
Volatility expanded over the last 15 hours, with the upper band reaching $3.039 and the lower band hitting $2.9577. Price currently sits near the mid-band, suggesting a potential reversal if the 20-period SMA crosses back above the 50-period.

Volume & Turnover
Volume surged during the drop to $2.9504 and again during the bounce to $3.0063, suggesting strong liquidity at key levels. Notional turnover increased by 23% in the last 6 hours as buyers re-entered near $2.98.

Fibonacci Retracements
A 61.8% retracement level at $3.0294 held as a critical resistance, and a 38.2% level at $2.9631 appears to be holding as support. A break below $2.9504 would target the 78.6% Fib at $2.9262.

Backtest Hypothesis
A potential strategy could involve a long entry on a bullish engulfing pattern forming above the 50-period SMA, with a stop loss placed below the nearest support level. A take-profit target could be set at the 61.8% Fib or the upper Bollinger Band. Given the recent volatility and divergence in MACD, this pattern could offer a favorable risk-to-reward ratio if confirmed by a breakout above $2.9850.