Heavy institutional selling wipes out $10B in market value as leverage unwinds across derivatives markets. News Background XRP endured one of its sharpest single-day declines this month, plunging 6% from $2.49 to $2.41 between October 14 and 15. The drop followed sustained whale distribution, with 2.23B tokens — worth roughly $5.5B — moving to exchanges since October 10. Futures open interest collapsed 50% to $4.22B, signaling forced deleveraging as market makers cut risk exposure amid ongoing macro and regulatory uncertainty. Price Action Summary XRP collapsed from $2.56 to $2.41 during the 24-hour window ending Oct. 15 20:00, marking 6% downside and a $0.15 trading range (6.3% intraday volatility). Intense sell pressure hit from 13:00–15:00 as volumes spiked from 119M to 154M. Support failed at $2.48–$2.50, triggering cascade liquidations that drove price to $2.40. A brief recovery attempt to $2.44 around 19:27 was rejected; price closed near lows at $2.41. Final hour volumes peaked near 4.5M, confirming capitulation before activity faded. Technical Analysis The breakdown below $2.48 confirms short-term trend reversal. Support now rests at $2.40–$2.42, with interim resistance at $2.55–$2.56 and broader overhead supply at $2.65. Volume-weighted metrics point to institutional exodus rather than retail panic. If $2.40 holds, expect range-bound chop until leverage normalizes; a clean reclaim above $2.55 would hint at re-accumulation. Momentum oscillators remain oversold, but buyers have yet to step up in size. Funding rates across major derivatives platforms turned negative, reinforcing bearish bias through midweek. What Traders Are Watching Can $2.40 support withstand further selling from whales or funds? Whether open interest rebuilds after a 50% drop — signal of stabilization or fresh shorts. Spot inflows vs. exchange outflows to gauge if accumulation resumes. Reaction near $2.65 resistance for any credible bounce confirmation.