XRP fell 8% in 24 hours, slipping below the $3 mark after failing to break resistance at $3.17. A midnight selloff on August 1 triggered a sharp 2.7% hourly drop, with volume spiking to nearly four times its daily average.
Heavy Whale Liquidations Signal Distribution
Recent on-chain data shows whales have been liquidating roughly $28 million in XRP daily, reflecting consistent distribution trends over the past three months. The largest intraday volume surge—259.21 million XRP units—hit as XRP dropped from $3.02 to $2.94, its session low.
Yet, not all activity is bearish. Despite this pressure, over 310 million XRP tokens have been accumulated during the recent correction, with many suggesting institutional buyers absorbed excess supply.
Exchange balances dropped sharply, signaling accumulation behind the scenes.
Following the intense drop, XRP rebounded to $2.98, supported by dip-buying near the $2.94 support zone. Volume normalized, indicating possible exhaustion in the selling momentum.
Key resistance remains at $3.02–$3.05, an area where XRP continues to face rejection. Until inflows improve, upside potential appears capped.
Technical Outlook: Fragile But Holding
Support: $2.94 (held during multiple intraday tests)
Momentum: Bearish skew, but easing volume suggests possible consolidation
Momentum indicators remain weak, though improving volume profiles could point to relief ahead.
What to Watch Next
Whether $2.94 holds as firm support or gives way to further declines
Institutional behavior, especially leading into Ripple’s Swell 2025 event
BlackRock’s involvement, with Digital Asset Director Maxwell Stein confirming attendance—hinting at long-term interest despite near-term weakness
XRP price reaction to the $3.00–$3.05 resistance band
While XRP showed signs of resilience at the close, short-term sentiment remains fragile. Until whale distribution subsides and inflows return, traders should expect further volatility below the $3 mark.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.
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