What Next For XRP as $2.75 Level Holds After Sharp Decline From $3
Main Idea
XRP experienced a sharp 9% decline, driven by institutional selling, but found short-term support at $2.75, with recovery efforts stalling below $2.84.
Key Points
1. XRP fell nearly 9% in 24 hours, dropping from $3.02 to $2.75 before a mild recovery to $2.82.
2. The decline was driven by heightened institutional selling pressure, with trading volumes more than double the daily average.
3. The $2.75–$2.76 zone now serves as short-term support, while upside attempts are capped near $2.84.
4. Price action suggests potential exhaustion near $2.75, though broader macro and liquidity risks remain elevated.
Description
XRP plunged nearly 9% in the 24-hour session ending August 3 at 04:00 (UTC+7), falling from $3.02 to as low as $2.75 before staging a mild recovery to $2.82. The decline was driven by heightened institutional selling pressure, with volumes during the heaviest selling window more than doubling the daily average. Price action suggests potential exhaustion near $2.75, though broader macro and liquidity risks remain elevated. What to Know XRP saw peak sell pressure between 14:00–18:00 on August 2, w...
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