XRP saw its sharpest sell-off in several weeks, slipping beneath the $3.00 threshold even after flashing a bullish golden cross signal. The token declined to $2.97, marking a 5.4% drop within just 23 hours, driven primarily by intense retail selling pressure that overpowered the books. However, large holders — known as whales — seized the opportunity to accumulate, purchasing an estimated 440 million XRP valued at roughly $3.8 billion during the dip.

Mixed Market Activity as Retail Sells and Whales Accumulate

While XRP’s slide from $3.14 to $2.97 spooked many retail investors, prompting widespread selling, the whale activity told a different story. These institutional-level players stepped in quietly, absorbing much of the downward momentum. The divergence in behavior between everyday traders and whales underscores a critical volume node near the $3.00 level that could serve as a turning point in the coming days.

Despite the sudden slump, technical setups such as the emerging symmetrical triangle pattern indicate potential for a move toward $3.90 — so long as price manages to sustain a breakout above the $3.26 resistance level.

Short-Term Trading Action and Volume Surge

In a volatile 23-hour window ending on August 18 at 08:00 UTC, XRP lost 5.41% of its value. The steepest phase of selling occurred between 01:00 and 03:00 UTC, when the price plunged from $3.08 to $2.97. This drop was accompanied by a volume blast totaling 172 million XRP. A modest recovery followed in the final trading hour, lifting the price marginally from $2.97 to $2.98.

However, an unexpected pause in trading activity during the last four minutes of the session raised suspicions. It remains unclear whether this halt was due to a technical error, exchange disruption, or other structural issue within the market ecosystem.

Technical Setup Signals Cautious Optimism

XRP faces clustered resistance between the $3.08 and $3.14 range — a zone that repeatedly blocked upward momentum during the session. Meanwhile, support has formed at the $2.96 to $2.97 level, where whale wallets aggressively stepped in.

Though a golden cross — where the 50-day moving average crosses above the 200-day — was recently confirmed, the market has yet to respond with meaningful upside. That said, the symmetrical triangle formation on the charts suggests a potential bullish breakout to $3.90, provided XRP clears key overhead resistance near $3.26.

Intraday volatility remains high, with an estimated $0.18 price range and volume spiking 163% above the daily average. This sets the stage for significant moves in either direction, depending on upcoming catalysts.

Key Indicators for Traders and Analysts

Market participants are closely monitoring several variables that could override short-term technical patterns. Among them:

Related: XRP Price: $12M Max Pain for Bears

• Continued whale accumulation near the $3.00 support zone
• Price behavior near the $3.08–$3.14 resistance band — a breakout could trigger rapid gains, while another rejection may lead to further downside
• The mysterious halt in trading in the final session moments, hinting at potential infrastructure concerns
• Whether the broader crypto market stabilizes or deepens its risk-off trend
• Confirmation of a breakout from the symmetrical triangle — either toward $3.90 or down through $2.96 support

A visual representation of crypto volatility highlights XRP’s dramatic fluctuations amid market uncertainty.