XRP Drops 5.4% to $2.97 Amid Retail Selling and Whale Accumulation
XRP fell 5.4% to $2.97, marking its sharpest decline in weeks due to retail selling pressure. Despite this drop, whale wallets accumulated 440 million tokens valued at $3.8 billion. This contrast between retail selling and institutional buying indicates a critical point around the $3.00 level.
Key Points
- XRP dropped from $3.14 to $2.97 within 24 hours, the steepest pullback since July.
- Whale buyers increased their holdings while retail traders sold off.
- A symmetrical triangle pattern suggests a breakout target near $3.90 if resistance is cleared.
- The wider crypto market experienced correlated weakness amid risk-off sentiment.
Price Action Summary
- XRP lost 5.41% in the 23-hour period ending August 18 at 08:00.
- Heaviest selling occurred between 01:00–03:00, with a drop from $3.08 to $2.97 on a volume of 172 million.
- A muted recovery raised XRP to $2.98 after hitting $2.97.
- Trading was halted in the last four minutes, raising questions about market stability.
Technical Analysis
- Resistance is at $3.08–$3.14, limiting recovery attempts.
- Support has shifted to $2.96–$2.97, where whales are buying.
- The triangle pattern targets $3.90 if $3.26 breaks.
- A golden cross formed last week but lacks follow-through.
- Volatility remains high, with an intraday range of $0.18 and a 163% increase in volume compared to averages.
What Traders Are Watching
- Whale absorption of dips near $3.00 support.
- Breakout or rejection at the $3.08–$3.14 resistance zone.
- Impact of trading halt in final minutes — potential glitch or structural issue.
- Continuation of broader market selloff or signs of stabilization.
- Confirmation of triangle breakout towards $3.90 or breakdown below $2.96.