- XRP dips below $3 but whales are still moving millions.
- Over 500 million XRP moved, signaling strong network activity.
- Whale transfers spark speculation of upcoming XRP price rebound soon.
XRP’s price dropped below the psychological $3 level earlier today, ending its July rally with a sharp correction. After peaking at over $3.60, the asset has now settled at $2.93, a notable decline but still above key support levels.
Although the price has dropped, on-chain data shows that XRP is highly active relative to its network. Global XRP transfers show there has indeed been high activity in the past 24 hours, with over 500 million XRP being moved among whales and institutions.
Market signals show that XRP is no more in its overbought level. Currently sitting around 47, the relative strength index suggests selling pressure may be easing. Meanwhile, the volume against the decline has been lower compared to the spike recorded earlier in July.
XRP is now trading above its 26-day exponential moving average, which is the next point of support. This technical level may provide enough support to prevent further losses and could trigger a rebound if demand resurfaces.
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Whale Movements Spark Speculation of Accumulation Amid Price Drop
The sudden transfer of 573 million XRP within a single day has drawn fresh attention to whale behavior on the network. The price of the token has cooled, but the volume moved is evidence that whale investors are either assembling or readjusting themselves.
Moreover, despite the recent price weakness, network activity continues to be elevated above prior months. This may be an indication of large investors taking advantage of the decline to position ahead of a recovery.
Although the price of XRP has dropped below the $3 mark, key indicators show a pillar and not a collapse. As long as the token trades above key technical levels, with whale action ongoing, there is a possibility of pushing back to the $3 mark earlier rather than later.
XRP’s slip below $3 has not discouraged whale activity, with over 500 million XRP tokens moved in a day. With support levels holding and trading volume stable, market watchers are closely monitoring for signs of a rebound.
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