- XRP faced a sudden 7% plunge in just 15 minutes, triggering $420M in crypto liquidations.
- Price recovered quickly, holding key support at $3.11 and avoiding a macro breakdown.
- The bullish structure remains intact, with targets still aiming near $4.70.
XRP was trading at $3.06 after a volatile 24 hours that shook the entire cryptocurrency market. The drama began on August 14, when market watcher CasiTrades noted an extraordinary move; XRP plunged over 7% within a single 15-minute window.
The fall from the $3.21 mark to exactly $3.00 wiped out leveraged traders in seconds, contributing to a staggering $420 million in liquidations across the crypto sector.
This sharp drop mirrored moves in other major tokens, marking one of the most intense short-term selloffs seen in recent months. Yet, despite the chaos, XRP held a major support level. The market quickly stabilized, hinting that the move might not be rooted in fundamentals.
Also Read: Ripple’s XRP Whale Accumulates 120 Million XRP as Price Approaches $10.47 Target
Rapid Recovery Signals Possible Liquidity Hunt
XRP then recovered rapidly from the sudden drop, recouping the very crucial $3.11 golden retracement level. The chart formations suggest that the movement could have been a liquidity pull, a scheduled market event where prices drop to liquidate stop-losses and then reverse.
Bigger picture, the movement in prices looked more like a double-bottom setup as opposed to a real trend reversal. Note that XRP failed to break the macro 0.5 Fibonacci retracement of $2.76, which represents the low of the correction.
Rather, it respected the 0.382 retracement at $3.00. Such price action confirmed the thesis that the decline was engineered and not based on news or macroeconomic catalysts.
Though some accused inflation data or speculation of American Bitcoin reserve buying, there were no definitive catalysts. Rather, the trend of rapid rejection from lower levels indicated that large traders could have sought liquidity zones to re-establish positions.
XRP Bullish Targets Remain Unchanged
Nonetheless, the general bullish scenario has not been derailed. As long as the spot price avoids a close back to $2.76, projections still linger for a subsequent rally to $4.70, at least based on current Fibonacci extensions.
The $3.11 support becomes the main driving force of near-term guidance. Trading above it may trap short sellers and ignite fresh momentum. The resistance levels remain at $3.21, $3.41, and the all-time high area around $3.66. A close above these areas may set up a big breakout.
Also Read: XRP Set for a Major Rally: Will $3.70 Trigger the Next Bull Run?
