XRP is trading around $2.90 on Wednesday after bouncing from weekend lows. The altcoin is under pressure following a steep correction from last month’s high of $3.65. Traders are watching the $2.65 support level closely—if broken, it could send XRP back to $2.00.
Whale wallets offload $340 million in XRP
Heavy selling by large XRP holders is driving the current correction:
- Over 640 million XRP have been dumped since July 9, valued at approximately $340 million.
- Wallets holding 1 million to 1 billion XRP have reduced their holdings from 10 billion to 8 billion tokens, according to Santiment data.
- On-chain metrics show consistent negative netflows from whale wallets over the past three weeks.
This wave of distribution has significantly weighed on price action, stalling XRP’s momentum near $3.00.
Technicals: Why $2.65 is a must-hold level
Traders point to the $2.65 price zone as a key make-or-break level for XRP:
- This zone aligns with the quarterly VWAP and the 50% Fibonacci retracement from the $3.65 high.
- A break below $2.65 could trigger a full retrace to $2.00, effectively erasing the summer rally.
- So far, XRP has managed to hold above $2.80, but continued pressure may test this floor soon.
Analyst “Dom” notes that $2.65 previously served as resistance in early 2025 before flipping to support.
Bearish signals stack up, but some traders turn bullish
Several bearish indicators are flashing warning signs for XRP:
- MVRV death cross, previously seen in March, preceded a 30% decline.
- $2.48 support—near the 200-day SMA—may become the next major downside target if $2.65 fails.
Despite this, some institutional traders are cautiously bullish:
- Binance long positions increased from 64% to 69% in early August, showing renewed interest.
- XRP’s price correlation with Bitcoin may also help if broader crypto sentiment turns positive.
Key stats: XRP price today
- Current Price: $2.90
- 24-Hour Change: +1.72%
- 7-Day Change: +4.53%
- Market Cap: $178.3 billion
- 24-Hour Volume: $4.19 billion (down 27.6%)
Volume decline may signal cooling interest, but price stability near $2.90 shows bulls are still in play—for now.
What happens next?
The next few days are critical. A decisive move below $2.65 could accelerate losses toward $2.00, while holding this level may open the door for a rebound toward $3.15 and beyond. Traders and investors should keep a close eye on whale activity and Bitcoin’s price trends.
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