- Whale wallets accumulated over 60 million XRP in the past 24 hours, but the price failed to react, signaling weak market confidence.
- XRP is currently trading at $3.08, down 1% on the day, with recent gains erased amid broader market pressure.
- Despite whale buying, resistance at $3.30–$3.310 continues to cap XRP’s upside, keeping the token range-bound.
XRP is back in the headlines as on-chain metrics reveal that whales have been stocking up on over 60 million XRP within the last 24-hour period. The on-chain metrics, shared through social media by popular market watcher Ali Martinez, indicate that whale action increased substantially.
Yet, in spite of such aggressive purchase activity, XRP has not registered the upward price move that would normally accompany such action, indicating underlying bearish pressure throughout the larger market.
At the time of writing, XRP is trading at $3.08, down 1% over the past 24 hours and 2% over the past week, according to real-time market data. The token’s 24-hour trading volume stands at approximately $6.57 billion, with a market capitalization of around $182.78 billion.
While whale accumulation is generally seen as a bullish signal, XRP’s muted price action indicates that macro market conditions may be overshadowing local buying interest.
Bitcoin’s Pullback Drives Market-Wide Uncertainty
XRP’s short fall seems to be part of a larger trend that has been catalyzed by a recent Bitcoin correction. The benchmark’s downward move serving to cue the altcoins, including XRP, back down after the recent rallies. The uncertainty wave that this has generated has jolted the investors, stalling the momentum XRP achieved in the recent rally.
In the earlier part of the month, XRP’s price increased significantly, with the market being optimistic. The token, however, could not continue the trend upwards, as sentiment turned risk-averse in general.
The correction highlights how tightly correlated altcoins remain with Bitcoin, making independent rallies difficult without support from the broader crypto market.
Also Read: Coinbase Ignites Futures Market With nano XRP and SOL Launch On August 18
XRP at Crossroads: $2.80 Breakdown or Bullish Rebound?
Providing further insights into XRP’s market structure, crypto trader and chartist Crypto Job shared a technical analysis outlining the token’s current price dynamics. According to his assessment, XRP’s daily chart remains in a neutral zone, suggesting indecision among traders. However, the 4-hour chart indicates a shift toward bearish momentum, signaling increasing selling pressure in the short term.
Crypto Job highlighted key support levels that may decide the direction of the next move. These are the levels of $2.920, $2.830, and $2.800. These levels are critical, for the simple fact that the market may see some buying interest here in an effort to stop a steeper correction.
Conversely, XRP is experiencing solid resistance in the range of $3.30 to $3.310. A close above that would be needed to validate the prospect of a bullish reversal. Until that happens, the token is range-bound, with market players intently observing the evolution of price action around these critical levels.
Crypto Job highlighted the significance of these technical levels in deciding XRP’s next course of action. A dip below $2.80 will speed up losses, but a rebound from this region will stimulate a bullish turn around, more so considering that there is a strong demand zone.
Whale Activity vs. Market Reality
Although the 60 million XRP being held by whales is a notable occurrence, thus far, the event hasn’t resulted in a favorable price movement. The disconnect here also highlights the control that larger market tendencies exert on individual token movements. With Bitcoin remaining in control of sentiment, the short-term XRP destiny continues to follow the macro image.
Traders and investors would do well to keep a close eye on the highlighted support and resistance levels, as they are likely to guide the major move of XRP. Until then, the market remains in wait-and-see mode, while the whales set up early, but the retail sentiment remains jittery.
Also Read: XRP Price Correction Looms as Selling Momentum Builds
