XRP price dipped to $2.97 in one of its sharpest downturns in recent weeks, marking a 5.4% drop over a 23-hour period as retail investors unloaded their holdings. Trading volume surged well above the daily average, yet major XRP holders—often referred to as whales—were actively purchasing during the selloff, acquiring 440 million tokens valued at approximately $3.8 billion. With institutional buying diverging from retail panic, the $3.00 price point has become a crucial support level for XRP.

Market Context and Recent Declines

In less than 24 hours, XRP dropped from $3.14 to $2.97, marking its most significant pullback since July. The abrupt correction was driven largely by retail participants exiting the market, while strategic whale buying pointed to institutional confidence. A symmetrical triangle chart pattern has emerged, indicating a potential price breakout toward $3.90, if resistance levels are surpassed. Meanwhile, other cryptocurrencies mirrored this downward trend amid a broader shift toward risk-averse investor behavior.

Intraday Price Movement Breakdown

During the 23-hour stretch ending at 08:00 on August 18, XRP fell by 5.41%. The steepest part of the decline occurred between 01:00 and 03:00, when the price fell from $3.08 to $2.97 on a trading volume of 172 million. The final hour brought a modest rebound attempt, nudging XRP slightly to $2.98. Trading activity ceased during the last four minutes of the session, raising questions about a possible market glitch or data anomaly.

Key Technical Indicators

Technical analysis highlights a resistance cluster ranging from $3.08 to $3.14, which has successfully capped recovery efforts thus far. Current support lies between $2.96 and $2.97, a zone where whales stepped in to absorb excess supply. The symmetrical triangle pattern continues to develop, pointing toward a breakout potential of $3.90 if the $3.26 barrier is breached.

Last week, a golden cross—a bullish technical indicator—surfaced on the charts. However, it has yet to drive significant momentum. Volume levels surged 163% above historical averages, and daily trading ranges widened to $0.18, underscoring heightened volatility.

Essential Watchpoints for Traders

Market participants are closely monitoring several key dynamics:

• Whether whale investors will continue purchasing near the $3.00 support level.
• The outcome of price action near the $3.08–$3.14 resistance band.
• The cause and impact of halted trading during the final minutes — whether it’s due to a market issue or structural vulnerability.
• Any signs that the broader crypto market might find a floor or continue its decline.
• Confirmation of a breakout from the symmetrical triangle toward $3.90, or a breakdown below $2.96 support.

High trading volume and technical formations add to current volatility in XRP markets.

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

As conditions remain turbulent, XRP traders and investors are bracing for the next critical test of support and resistance zones, while institutional interest suggests long-term faith in the asset’s potential remains intact.