XRP slipped below the critical $3.00 level this week, extending its losing streak as whale sell-offs and regulatory uncertainty weighed heavily on the market. Currently trading at $2.8, XRP has made a 3.68% decline in the past 24 hours, with trading volume rising slightly by 0.82% to $6.85 billion.
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The latest downturn comes after on-chain data revealed that whales offloaded 470 million XRP tokens over the past 10 days, slashing their cumulative holdings to just 7.63 billion coins.
Large-scale exits by wallets holding between 10 million and 100 million XRP suggest institutional desks and high-net-worth traders are taking profits after XRP’s recent rally to above $3.39 earlier this month.
XRP Price Action: $2.85–$2.90 Becomes Key Battleground
Price action data shows XRP’s sharpest drop occurred between 13:00 and 15:00 UTC on August 19, when it slid from $3.04 to $2.93 as volume spiked to 137 million, nearly double the daily average.
Despite heavy selling, buyers repeatedly defended the $2.85–$2.88 zone, preventing further collapse.
Currently, XRP is consolidating near $2.85–$2.90, a sign that short-term selling pressure may be easing. Still, resistance at $3.04 has been confirmed, making a bullish recovery difficult without stronger demand.
XRP's price trends to the downside on the daily chart. Source: XRPUSD on Tradingview
Can Bulls Hold the Line at $2.8?
For traders, the $2.8 level is now the most critical support to watch. A breakdown could open the door for a deeper decline, while reclaiming $3.00 would signal renewed buyer strength. Analysts note that a recovery above $3.19 is essential for momentum to shift back in favor of the bulls.
Adding to the pressure, a security audit ranked the XRP Ledger lowest among 15 major blockchains, sparking concerns over long-term resilience. Meanwhile, the U.S. SEC has delayed decisions on several XRP ETF applications, including Nasdaq’s CoinShares filing, until October, deepening regulatory uncertainty.
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Until the SEC rules on ETF filings in October, XRP may remain volatile as whales continue to offload and institutional investors adjust their portfolios. Whether this dip is a healthy correction or the start of a broader downturn will depend on how well XRP can defend its current support levels in the days ahead.
Cover image from ChatGPT, XRPUSD chart from Tradingview
