XRP Drops 7% Amid $437M Sell-Off and Crypto Liquidations

XRP took a notable dive over the past 24 hours, driven by a wave of aggressive sell-offs that mirrored widespread liquidations across the entire cryptocurrency market. This intense selling pressure brought XRP down to levels not seen in over a week, testing key institutional support amid market uncertainty. Despite this sharp decline, the session closed with early signs of stabilization and potential renewed interest from larger investors.

Massive Liquidations Shake the Crypto Market

The cryptocurrency market underwent over $1 billion in total liquidations, triggering steep losses for several major tokens. XRP’s fall was compounded by a massive midday sell-off, where 436.98 million tokens were moved within a single hour, ranking among the quarter’s highest hourly volumes. This dump overwhelmed buyers temporarily and added to the downward momentum.

Adding a layer of confidence amidst technical weakness, Ripple’s CTO reaffirmed the XRP Ledger’s capabilities for global finance applications—offering long-term support even as short-term price action fluctuated.

Recent XRP Price Movements

XRP’s value fell from $3.34 to $3.10 between August 14 at 03:00 and August 15 at 02:00, representing a 7.19% loss. Throughout that range, the token hit a session low of $3.05 before regaining some ground. The price swing represented an 8.69% range, marking a particularly volatile day.

The sharpest drop occurred around midday when XRP plunged from $3.22 to $3.09—one of the day’s largest hourly declines. However, the asset started to trade within a tighter $3.05 to $3.13 band late in the session, suggesting that heavy sell pressure may be abating. Mild rebounds were observed as XRP clawed back from a low of $3.09 to close around $3.10, indicating that resistance at this level may no longer be a near-term barrier.

Technical Outlook for XRP

Support appears solidified between $3.05 and $3.09 after multiple retests during peak liquidation. This region acted as a safety net each time sellers pushed the price downward. Conversely, resistance now stands at $3.13, with a secondary cap at $3.20. Traders are eyeing these levels closely to determine if further upside is sustainable.

Additionally, a downturn in volume after the midday spike hints at a fading of forced selling, possibly signaling that the worst of the capitulation may be over. Two major bursts of volume in the final trading hour—4.53 million and 3.76 million tokens respectively—implied significant interest from institutional players looking to re-enter at key support levels.

Should XRP successfully maintain levels above $3.10 amid relatively low liquidity, it could suggest that the market is entering an early accumulation phase, where strategic buying replaces panic-driven exits.

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

Looking Ahead: Key Trading Signals

• Traders are watching closely for a sustained move past $3.13 to confirm a potential short-term trend reversal.
• Blockchain monitoring data on large XRP wallets is being scrutinized for fresh buying activity among whales.
• The $3.05 support zone is seen as a critical threshold during any subsequent market-wide correction.
• Analysts are also tracking funding rate movements in derivatives markets, which could signal if leverage is returning to the system.
• Finally, XRP and other crypto assets may remain highly correlated with equity markets, especially as investors gauge the likelihood of a future Federal Reserve rate cut.

Looking forward, XRP holders and day traders alike will keep a close eye on these technical and market trend indicators. As volatility persists and macroeconomic dynamics evolve, XRP’s resilience at critical levels could shape its path in the sessions ahead.