XRP Drops 8% to $2.98 Amid High-Volume Selloff and Support Testing
Key Points
XRP experienced an 8% decline in the past 24 hours, dropping from $3.17 to $2.94 due to significant sell pressure.
The most substantial drop occurred during midnight trading on August 1, with a 2.7% decrease in one hour and a trading volume of 259.21 million units, nearly four times its average.
Despite this downtrend, XRP recovered slightly to $2.98, with lower volume indicating institutional buying near support levels.
Market Background
- Large holders liquidated approximately $28 million worth of XRP daily over the last 90 days, reflecting ongoing distribution.
- 310 million XRP tokens, valued at nearly $1 billion, were accumulated during recent corrections, showing strong capital inflow as exchange balances decreased.
- Maxwell Stein from BlackRock confirmed attendance at Ripple’s Swell 2025 conference, suggesting increasing institutional interest.
Price Summary
- High: $3.17 (July 31)
- Low: $2.94 (August 1)
- 24h Change: -8%
- Volume Surge: 259.21M units during correction vs. 64.89M average
- Closing Price: $2.98
XRP's closing price indicates a minor recovery but highlights broader structural weakness. Short-term sentiment remains weak amid liquidation flows.
Technical Analysis
The $2.94 support zone was tested multiple times, supported by aggressive buying that lifted prices to $2.98. Resistance is noted at $3.02–$3.05, with potential rejection unless buying increases.
Momentum indicators remain bearish, although recovering volume suggests some sell-off exhaustion.
Trader Focus Areas
- Stability of $2.94–$2.95 as support
- Signs of renewed whale accumulation or reduced distribution
- BlackRock's positioning before Ripple Swell 2025 and implications for XRP ETF narratives
- Market reaction around the $3.00–$3.05 resistance, previously key distribution levels