XRP experienced a sharp 8% decline over a 24-hour period, falling from a session high of $3.17 to a low of $2.94 amid intense sell pressure and a significant volume surge during the midnight trading window on August 1. Approximately 259 million units traded in that single hour—nearly four times the 24-hour average—indicating cascading liquidation and stop-loss triggers around key technical levels.
Despite the downtrend, a minor recovery pushed prices back to $2.98 by session close, suggesting absorption of excess supply by institutional buyers near the $2.94 support zone. On-chain metrics reveal that large holders have liquidated around $28 million of XRP daily over the past 90 days, while concurrently accumulating over 310 million tokens—valued at nearly $1 billion—during the correction phase, reflecting divergent distribution and accumulation trends.
Technical analysis shows that rejection at the $3.02–$3.05 resistance band persisted, with the current structure forming a descending channel. Momentum indicators remain skewed bearish, and any sustained move below $2.94 could open the path to lower support levels near $2.80. Market participants are closely monitoring whale activity and on-chain flows, as renewed accumulation or a pause in distribution could signal a shift in short-term sentiment. Without clear signs of buying strength above $3.00, broader structural weakness may endure before a more pronounced rebound materializes.
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