XRP slid 8% in the past 24 hours, retreating from a high of $3.17 to a low of $2.94, as heavy sell pressure overwhelmed early momentum. The most intense drop occurred around midnight UTC on August 1, when the token lost 2.7% in a single hour on a volume spike of 259.21 million units—four times its typical daily volume.
Despite the breakdown, XRP managed to recover modestly into the session close at $2.98. The bounce, accompanied by declining volume, suggests that large-scale buyers may have stepped in to absorb supply near the $2.94 support zone.
Whale Flows and Market Sentiment Remain Divided
On-chain activity presents conflicting signals. Data shows large holders have consistently sold into strength, offloading around $28 million in XRP per day over the past 90 days. This steady distribution reflects profit-taking or repositioning among early investors and institutions.
Conversely, more than 310 million XRP—nearly $1 billion in value—has been withdrawn from exchanges during the latest correction. This indicates potential accumulation during the downturn and a vote of confidence from long-term holders.
Institutional attention is also building. BlackRock’s Digital Assets Director, Maxwell Stein, confirmed his attendance at Ripple’s Swell 2025 event, suggesting that traditional finance may be watching XRP’s ecosystem developments closely despite short-term volatility.
Price Action Overview
- Session High: $3.17 (10:00 UTC, July 31)
- Session Low: $2.94 (00:00 UTC, August 1)
- 24-Hour Price Change: -8%
- Key Hourly Drop: $3.02 → $2.94 during peak selloff
- Volume Spike: 259.21M XRP vs. 64.89M daily average
- Closing Price: $2.98
XRP’s ability to rebound slightly off lows shows some resilience, though the close beneath the $3.00 level keeps technical pressure intact.
Technical Outlook
The $2.94 level acted as solid intraday support, holding firm through several sell attempts. Buyers responded aggressively, enabling a partial recovery. However, overhead resistance between $3.02 and $3.05 remains intact, capping upward momentum for now.
Momentum indicators remain bearish, though the easing volume trend suggests selling exhaustion may be near—pending confirmation from spot demand and follow-through strength.
Key Levels & Catalysts to Watch
- Support Zone: $2.94–$2.95 – key test for short-term stability
- Whale Behavior: Monitoring for shifts toward net accumulation
- Institutional Cues: BlackRock’s presence at Swell 2025 and its potential signaling effect
- Resistance Band: $3.00–$3.05 – critical zone that previously acted as a distribution ceiling
