The price of XRP has experienced a sharp decline exceeding 20% since mid-July, primarily driven by large-scale sell-offs from whale investors. This persistent downtrend now threatens crucial technical support levels.
Immediate support rests at $2.80, with a more substantial barrier identified at $2.48 through on-chain analysis. Blockchain analyst Ali Martinez warns that breaching these critical price floors could precipitate further weakness in XRP valuations.
Market instability stems from sell pressure among wallets holding 1 million to 1 billion XRP, fueling bearish sentiment. Concurrently, a significant bearish indicator known as the MVRV death cross has materialized. Historically, this technical pattern has foreshadowed substantial price corrections for the digital asset.