XRP Falls Nearly 9% to $2.75 Amid Increased Institutional Selling
XRP experienced a nearly 9% decline in the 24-hour session ending August 3, dropping from $3.02 to a low of $2.75 before recovering slightly to close at $2.82. The drop was attributed to increased institutional selling pressure, with trading volumes during peak selling times exceeding daily averages.
Key Points
- Peak sell pressure occurred between 14:00–18:00 on August 2, with volumes reaching 222.24 million, 183% higher than the average of 78.52 million.
- The asset's low of $2.75 established short-term support amid heavy trading volume.
- Recovery attempts were limited at $2.84, closing at $2.82 below key resistance.
- Volume-weighted price activity indicates potential accumulation interest below $2.80, although confirmation is absent.
Market Context
The decline coincided with increasing global trade tensions and tariff uncertainties affecting risk markets. Institutional portfolios shifted capital away from altcoins toward more liquid assets due to macroeconomic conditions. Analysts identified central bank adjustments and geopolitical risks as contributors to the sell-off.
Price Action Overview
- High: $3.02
- Low: $2.75
- Close: $2.82
- 24H Range: $0.27 (-8.91%)
Technical Insights
- A volume climax at $2.75 aligned with XRP’s steepest hourly decline, suggesting capitulation or a local bottom.
- The $2.75–$2.76 area is now first-layer support, while resistance exists near $2.84.
- Trading volume decreased sharply in the final hour to ~650,000/min from 3.7 million/min at its peak, indicating buyer fatigue.
Trader Focus
- Monitoring if XRP can maintain above $2.75–$2.76 for recovery or if failure to reclaim $2.85+ suggests further declines.
- Institutional inflows or continued exchange outflows will be scrutinized to assess accumulation trends.
- Traders are also observing CD20 Index volatility and macro developments, particularly U.S.-China trade news, for short-term guidance.