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Ripple’s XRP Tanks 8% in 24 Hours as Market Volatility Grips Traders

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TL;DR

  • XRP fell 8% to $2.91, facing heavy selling as hourly volume spiked sharply.
  • Whales sold $28M daily, after 310M XRP were accumulated ahead of the recent rally. Exchange balances had also declined recently.
  • Analysts see $3.23 as key resistance and $2.80 as a crucial short-term bullish zone.

XRP Faces Sharp 24-Hour Decline

Ripple (XRP) dropped 8% in the last 24 hours, sliding from a session high of $3.17 to a low of $2.9. The steepest move came during the midnight trading window on August 1, when the token fell 3% in one hour on 259.21 million units traded, nearly four times its usual hourly volume.

At press time, XRP trades at $2.91 with a 24-hour trading volume of $7.4 million. Over the past seven days, the token is down 5%. Its market capitalization stands at $174 billion, based on a circulating supply of 59 billion XRP.

Analyst Notes Bullish Monthly Candle

Crypto analyst CRYPTOWZRD said the daily candle closed bearish, while the monthly candle finished strongly bullish. He explained that XRP holding above $2.80 remains a bullish area, and a push beyond $3.30 could lead to a rally toward $3.65.

Intraday analysis shows $3.23 as a key resistance level. Trading above it could support long positions, while a drop below $3 keeps conditions bearish. The analyst expects short-term volatility, with Bitcoin and its dominance likely to guide market direction.

Market Structure and Whale Activity

A double bottom pattern may be forming as XRP bounced twice from the same support level. A confirmed break above the pattern’s resistance would open the way for a new attempt at recovery.

On-chain data shows mixed whale behavior. Large holders have sold roughly $28 million worth of XRP per day over the last 90 days. 

At the same time, over 310 million XRP tokens, valued at nearly $1 billion, were accumulated during the recent correction as exchange balances fell, showing movement toward off-exchange storage.

Prispevek Ripple’s XRP Tanks 8% in 24 Hours as Market Volatility Grips Traders appeared first on CryptoPotato.

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