XRP experienced a sharp 8% decline over 24 hours, falling from a session high of $3.17 to a low of $2.94, after encountering strong resistance around the $3 level. The most dramatic sell-off occurred during the midnight trading window on August 1, when XRP dropped 2.7% in a single hour, accompanied by exceptionally high volume of 259.21 million units – nearly four times its 24-hour average. This high-volume rejection at resistance suggests significant selling pressure from large holders at these price levels.
The $3 resistance level appears to be psychologically and technically significant for XRP, as it represents a key threshold where selling pressure intensifies. Large holders have been liquidating approximately $28 million worth of XRP daily during this period, indicating that institutional or whale investors may be taking profits or reducing positions at these elevated prices. This selling pressure overwhelmed the initial buying strength that had pushed XRP toward the $3.17 high.
Despite the sharp decline, there are signs of institutional accumulation during the correction, with 310 million tokens being accumulated during the recent pullback. The recovery to $2.98 with diminished volume suggests that institutional buyers stepped in to absorb excess supply near key support zones around $2.94. This dynamic indicates a battle between profit-taking sellers at higher levels and value-seeking buyers at lower levels, with the $3 area serving as a critical battleground for XRP’s near-term direction.
