XRP investors faced a turbulent 24 hours as Ripple’s cryptocurrency plunged 8% amidst heavy whale selling. This sudden drop from $3.17 to $2.90 has traders scrambling to understand the market dynamics and identify potential recovery signals.
XRP Price Plunge: Whale Activity Shakes the Market
The most dramatic moment came during midnight trading on August 1, when XRP lost 3% in just 60 minutes. Key data points:
- 259.21 million XRP traded (4x normal volume)
- $28 million in daily whale selling over 90 days
- 310 million XRP ($1 billion) accumulated during the dip
XRP Technical Analysis: Critical Levels to Watch
Analysts identify these crucial price points:
| Resistance | Support |
|---|---|
| $3.23 | $2.80 |
| $2.65 (50-day EMA) |
Ripple’s Ecosystem: Long-Term Confidence Remains
Despite the volatility, positive signs emerge:
- CTO David Schwartz reaffirms XRP Ledger’s importance
- 60 million XRP accumulated by whales during the dip
- Institutional interest growing (10-100M XRP addresses increasing)
XRP Market Outlook: Bullish or Bearish?
The monthly candle still shows bullish momentum, suggesting this may be a correction within a larger uptrend. With $107 million in long liquidations, the market remains volatile but potentially poised for recovery.
Frequently Asked Questions
Q: Why did XRP drop 8%?
A: Heavy whale selling combined with broader altcoin market cooling caused the decline.
Q: Is this a good time to buy XRP?
A: Some analysts see accumulation at current levels, but monitor the $2.65 support.
Q: How are whales affecting XRP price?
A: Whales both sold $28M daily but also accumulated 60M XRP recently.
Q: What’s Ripple’s role in XRP’s future?
A: Ripple continues developing XRP Ledger for global liquidity solutions.
