XRP Rebounds to $2.93 Amid Whale Activity and Market Turbulence
XRP reversed early losses to close at $2.93, rallying nearly 6% intraday after briefly dropping to $2.82, as traders stepped in to defend key support levels despite pressure from broader market liquidations and mixed whale flows.
Market Context
- The rebound followed a volatile session that saw the crypto market shed $360 million in liquidations, triggered by institutional rotation out of risk assets.
- XRP faced additional headwinds from a recent blockchain security downgrade, which raised concerns over potential vulnerabilities in its network.
- Whale cohorts remained active on both sides of the tape—some capitalizing on the rally to trim positions, while others absorbed the dip near key support.
Price Action & Volume Highlights
- Session Range: $2.82 (low) to $2.99 (high)
- Closing Price: $2.93
- Volume Spike: Trading surged to 155 million XRP during the recovery—2.5x the daily average—signaling significant institutional participation.
- The rebound was shaped by a V-shaped reversal during the 13:00–15:00 UTC window, with bulls regaining control heading into the close.
Technical Overview
- Support Held: Buyers firmly defended $2.82, reinforcing the level as a short-term floor.
- Resistance Test: Sellers capped the recovery just under $2.99, maintaining overhead pressure.
- Breakout Trigger: Analysts continue to cite $3.17 as the key breakout zone that could open the door to a potential run toward $5.00+.
- Bearish Scenario: A breakdown below $2.82 could expose downside risk to $2.65, a level that previously acted as support.
Momentum Outlook
- In early Wednesday trading, XRP climbed another 0.34%, hitting $2.94, supported by above-average hourly volumes (580K vs. 470K norm).
- Sustained bids between $2.92–$2.93 suggest growing upward pressure, though confirmation above $2.99 remains critical.
What Traders Are Watching
- Can XRP break and hold above $2.99, unlocking $3.17 as the next technical target?
- Will whales continue to accumulate or shift into distribution mode near resistance?
- How will macro volatility and institutional flows shape short-term momentum?
- Is $2.82 a durable base, or could bears retest lower supports?
Bottom Line:
XRP’s high-volume recovery signals growing bullish interest at support, but overhead resistance remains firm. With whales split and macro sentiment shaky, traders are eyeing $2.99 and $2.82 as key pivot levels heading into the Jackson Hole policy backdrop.
