XRP Slides 8% After Failing to Break $3, Surge in Volume Hints at Market Weakness

XRP saw a sharp decline over the past 24 hours, falling 8% from a high of $3.17 to a low of $2.94, as strong sell pressure erased earlier gains. The steepest decline occurred around midnight UTC on August 1, with the price plunging 2.7% in one hour alongside a surge in trading volume to 259.21 million units—roughly four times the daily average.

While the drop pushed XRP below key psychological levels, buyers stepped in near $2.94, helping the token rebound to close the session at $2.98. The recovery came as volume tapered off, hinting at possible accumulation by institutional players near support.

On-Chain Activity & Institutional Positioning

Whale behavior continues to paint a mixed picture. On-chain data shows consistent distribution, with large holders offloading around $28 million worth of XRP per day over the last 90 days. Still, recent exchange outflows tell a different story: over 310 million XRP, worth nearly $1 billion, have been accumulated during the current correction.

Adding to the intrigue, Maxwell Stein, BlackRock’s Director of Digital Assets, confirmed his attendance at Ripple’s upcoming Swell 2025 event—potentially signaling increased institutional interest despite the current downtrend.

Price Performance Snapshot

Session High: $3.17 (10:00 UTC, July 31)
Session Low: $2.94 (00:00 UTC, August 1)
24-Hour Change: -8%
Largest Hourly Drop: $3.02 → $2.94 (Midnight UTC)
Volume Spike: 259.21M units vs. 64.89M average
Closing Price: $2.98

Though XRP managed a slight bounce off session lows, the close below $3.00 reflects ongoing structural weakness amid distribution pressure and failed resistance retests.

Technical Landscape

Support at $2.94 held through multiple intraday tests, with a late-session rebound suggesting active dip-buying. However, resistance remains firm at $3.02–$3.05—an area that previously saw heavy distribution. Without renewed spot demand, further upside could remain limited.

Momentum indicators remain bearish, but easing volume after the selloff points to a potential slowdown in downward pressure.

What Traders Are Watching

Durability of the $2.94–$2.95 support zone
Shifts in whale activity—signs of reaccumulation or ongoing sell pressure
BlackRock’s role at Swell 2025 and its implications for institutional engagement
Market behavior around the $3.00–$3.05 resistance band