XRP suffered a steep 10.33% price decline, marking its most substantial single-day drop since early April. The sharp downturn coincided with significant liquidations totaling $86 million in long positions on Binance.
Selling pressure intensified following whale activity, including the transfer of over 50 million XRP from a wallet associated with Ripple co-founder Chris Larsen. This large-scale movement contributed to heightened market volatility.
Bulls are now focused on defending the critical $2.95 to $3.00 support zone, with a breach below this threshold risking further downside potential. Technical indicators display mixed signals, while declining futures open interest points to reduced bullish leverage.
The concentration of XRP holdings remains notable, with over 2,700 individual wallets each possessing more than one million tokens. This whale-dominated distribution continues to significantly influence the asset’s price dynamics.