XRP fell below the crucial $3.00 mark this week, continuing its downturn as whale sell-offs and regulatory ambiguity weighed on the market. Currently priced at $2.8, XRP has seen a 3.68% decrease over the last 24 hours, while trading volume has increased slightly by 0.82% to $6.85 billion.
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The recent decline follows on-chain data indicating that whales sold off 470 million XRP tokens in the last 10 days, reducing their total holdings to only 7.63 billion coins.
Significant exits from wallets holding between 10 million and 100 million XRP suggest that institutional traders and high-net-worth individuals are realizing profits after XRP’s recent peak above $3.39 earlier this month.
XRP Price Action: $2.85–$2.90 Becomes Key Battleground
Price action analysis indicates that XRP’s steepest decline occurred between 13:00 and 15:00 UTC on August 19, when it dropped from $3.04 to $2.93 as volume surged to 137 million, nearly double the daily average.
Despite the intense selling, buyers consistently defended the $2.85–$2.88 range, preventing further decline.
Currently, XRP is stabilizing around $2.85–$2.90, indicating a potential easing of short-term selling pressure. However, resistance at $3.04 is firmly established, complicating a bullish recovery without stronger demand.
XRP's price trends to the downside on the daily chart. Source: XRPUSD on Tradingview
Can Bulls Hold the Line at $2.8?
For traders, the $2.8 level is now the most vital support to monitor. A drop below could lead to a more significant decline, while regaining $3.00 would indicate renewed buying power. Analysts emphasize that recovering above $3.19 is crucial for shifting momentum back to the bulls.
Compounding the pressure, a security audit rated the XRP Ledger the lowest among 15 major blockchains, raising concerns about long-term durability. Moreover, the U.S. SEC has postponed decisions on several XRP ETF applications, including Nasdaq’s CoinShares filing, until October, increasing regulatory uncertainty.
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Until the SEC decides on ETF filings in October, XRP may experience volatility as whales continue to sell and institutional investors adjust their strategies. Whether this decline signifies a healthy correction or the onset of a more extensive downturn will depend on XRP’s ability to maintain its current support levels in the coming days.
Cover image from ChatGPT, XRPUSD chart from Tradingview
