XRP Sheds 8% as It Reverses From $3 Resistance, Elevated Selling Volume Suggests Fragility

XRP fell sharply over the past 24 hours, declining 8% from a high of $3.17 to a session low of $2.94 as aggressive selling overwhelmed earlier bullish momentum. The steepest decline occurred during the midnight UTC trading window, with the token dropping 2.7% in just one hour. Trading volume spiked to 259.21 million XRP during the move—almost four times the asset’s 24-hour average.

Despite the drawdown, XRP stabilized toward the session close, recovering to $2.98. The bounce, coupled with fading sell volume, points to possible institutional accumulation near key support levels.

Mixed On-Chain Signals from Whales

On-chain metrics reflect a divided landscape. Over the past 90 days, large holders have consistently offloaded XRP, liquidating approximately $28 million worth daily—signaling sustained distribution from early holders and institutions.

However, counterbalancing that trend, recent exchange data shows over 310 million XRP—valued near $1 billion—have been withdrawn during the current correction. This suggests capital inflows and potential long-term accumulation beneath the surface.

Meanwhile, institutional attention continues to build. Maxwell Stein, BlackRock’s Director of Digital Assets, confirmed his participation at Ripple’s upcoming Swell 2025 conference—adding to speculation around future strategic alignment despite current price weakness.

Session Metrics

• High: $3.17 (10:00 UTC, July 31)
• Low: $2.94 (00:00 UTC, August 1)
• 24h Change: -8%
• Hourly Breakdown: $3.02 → $2.94 (Midnight UTC)
• Volume Spike: 259.21M XRP vs. 64.89M 24h average
• Closing Price: $2.98

XRP’s close just below $3.00 reflects a modest rebound off session lows, but leaves the broader structure vulnerable to further downside unless key levels hold.

Technical Picture

Support at $2.94 remained intact through multiple tests, reinforced by responsive dip-buying that helped XRP reclaim part of its losses by the session’s end. However, resistance at $3.02–$3.05 continues to weigh heavily on upward price action, with failed retests pointing to market hesitation.

Momentum indicators remain tilted bearish, though the decline in sell volume post-correction suggests sellers may be losing momentum—at least in the near term.

Key Areas to Watch

• Support Retest: Can the $2.94–$2.95 zone continue to hold under pressure?
• Whale Activity: Will net distribution give way to accumulation in coming days?
• Institutional Positioning: BlackRock’s involvement in Swell 2025 could be a catalyst for renewed narrative strength
• Overhead Resistance: $3.00–$3.05 remains a critical barrier for bullish continuation