XRP faced renewed downside pressure, falling 8% in the last 24 hours as the asset dropped from a session high of $3.17 to an intraday low of $2.94. The most intense selloff occurred around midnight UTC on August 1, when XRP plunged 2.7% in a single hour amid a volume spike to 259.21 million units—nearly four times its daily average of 64.89 million.

Despite the decline, XRP showed signs of stabilization by recovering to $2.98, with fading volume suggesting that institutional buyers may have stepped in near key support levels to absorb excess supply.

On-Chain and Market Context

Whale behavior remains mixed. Over the past 90 days, large holders have offloaded an average of $28 million in XRP daily, indicating ongoing distribution by early adopters and institutions. However, recent data points to accumulating pressure on the other side: more than 310 million XRP tokens—worth nearly $1 billion—were pulled from exchanges during the latest pullback, signaling net capital inflows.

Adding to the institutional backdrop, BlackRock’s Director of Digital Assets, Maxwell Stein, confirmed his attendance at Ripple’s upcoming Swell 2025 event, hinting at deeper engagement from traditional finance players despite recent volatility.

Price Snapshot

• High: $3.17 (10:00 UTC, July 31)
• Low: $2.94 (00:00 UTC, August 1)
• 24h Decline: 8%
• Largest Hourly Drop: $3.02 → $2.94 (Midnight UTC)
• Volume Surge: 259.21M units (vs. 64.89M average)
• Session Close: $2.98

XRP’s modest recovery into the close underscores buyer interest near support, though technical breakdowns below the $3.00 mark highlight persistent fragility in short-term sentiment.

Technical Picture

XRP found strong support at $2.94, which held through multiple intraday tests. The rebound to $2.98 suggests aggressive dip-buying, though resistance at $3.02–$3.05 continues to cap upside momentum. Unless fresh spot inflows materialize, further rejection at this range is likely.

Momentum indicators remain tilted bearish, but improved volume trends hint that sellers may be losing steam—at least temporarily.

Key Factors to Monitor

• $2.94–$2.95 Support: Whether this zone continues to hold as a structural floor
• Whale Behavior: Watching for a shift toward net accumulation
• BlackRock Engagement: Potential implications for institutional narratives and ETF speculation
• Resistance Band: Market reaction at $3.00–$3.05, a historically active distribution zone