XRP declined 8% over the past 24 hours, falling from an early high of $3.17 to a low of $2.94 as selling momentum accelerated. The sharpest move occurred around midnight UTC on August 1, when XRP shed nearly 2.7% in a single hour. Trading volume surged to 259.21 million tokens during that window—roughly four times the daily average—amplifying the decline.
Despite the downward pressure, XRP bounced modestly into the close, recovering to $2.98. The rebound, combined with reduced sell-side volume late in the session, suggests potential absorption of supply near support.
Diverging Whale Behavior Clouds Outlook
On-chain data offers conflicting signals. Institutional wallets and early holders have continued distributing, offloading an average of $28 million worth of XRP per day over the past three months. This persistent selling trend reflects a cautious stance among long-term participants.
Yet, exchange flows indicate that more than 310 million XRP—worth close to $1 billion—have been withdrawn in recent days, pointing to accumulation during the correction. The data implies selective buying at lower levels, possibly by longer-horizon investors.
Institutional interest may also be quietly growing. Maxwell Stein, BlackRock’s Director of Digital Assets, is scheduled to speak at Ripple’s Swell 2025 event—an appearance that has sparked speculation about deeper engagement from traditional finance despite short-term price weakness.
Price Summary
- Intraday High: $3.17 (10:00 UTC, July 31)
- Intraday Low: $2.94 (00:00 UTC, August 1)
- 24-Hour Change: -8%
- Sharpest Drop: $3.02 to $2.94 during midnight hour
- Volume Spike: 259.21M vs. 64.89M daily average
- Close: $2.98
Although XRP reclaimed some ground from session lows, it remained under the key $3.00 level, reinforcing near-term bearish pressure.
Technical Setup
The $2.94 support level held firm through repeated tests, with strong dip-buying helping stabilize the market. However, overhead resistance between $3.02 and $3.05 continues to cap gains, with multiple failed breakouts signaling a lack of follow-through.
Momentum remains negative across most indicators, though declining sell volumes may suggest sellers are beginning to step back. A decisive move above resistance would be required to shift short-term sentiment.
What Comes Next
- Support Test: Monitoring whether $2.94–$2.95 continues to act as a floor
- Whale Flows: Watching for signs of trend reversal from net distribution to net accumulation
- Institutional Narrative: BlackRock’s Swell 2025 appearance could shape market expectations
- Resistance Zone: $3.00–$3.05 remains a critical hurdle for bullish momentum to resume
