XRP price moved sharply lower during the past day, reaching $3.04 before rebounding.
The decline came during a broad cryptocurrency selloff tied to over $1 Billion in liquidations.
Price Hits Support Before Partial Recovery
XRP dropped about 4.39 percent earlier today and the decline took the token to $3.04 before it recovered to around $3.08 at press time.
It has been a wildly volatile ride for the coin today, and the price moves coincided with significant selling across major tokens.
Trading volume for the day was about $11.1 Billion this morning, after which it cooled of to $7.56B. An hourly spike saw 436.98 Million XRP traded, the highest single-hour volume of the quarter.
The surge in activity happened in the early hours, during the steepest part of the drop. Late in the session, buying activity returned.
This helped lift the price away from its intraday low. Analysts said the buying likely reflected opportunistic entry by larger traders.
XRP Price Gains Linked to Large Wallet Activity
Analyst Crypto King said XRP had moved beyond its earlier accumulation and manipulation phases.
They noted that current chart structure suggested an expansion phase was starting. Their price target for this cycle was $7.
According to the analyst,
“The chart and fundamentals are lining up for something massive. My target this cycle is $7.00.”
Furthermore, on-chain data from Ali Martinez supported the idea of renewed accumulation. In the last three days, large holders bought about 320 Million XRP.
At current valuations, this was worth around $1 Billion. Such purchases can reduce near-term selling pressure. They may also influence the behavior of smaller market participants.
Analysts noted that large inflows to wallets often occur after key technical breakouts. The mid-July breakout lifted the price more than 66 percent before a sideways phase began.
Crypto King outlined three stages, accumulation, manipulation, and expansion, and said the Ripple coin was entering the last one.
Market Signals Traders Will Watch Next
Chart data shared by analyst CryptoBull showed XRP trading in a symmetrical triangle on the 4-hour chart.
A symmetrical triangle is a pattern with converging support and resistance lines. It often appears during consolidation before a potential breakout.
In this case, XRP had retested its former resistance level, which was now acting as support.
This type of retest is common in trending markets when buyers re-enter after consolidation.
The selloff mirrored moves in wider risk assets. US equity markets also saw profit-taking, adding pressure to digital assets.
Ripple’s CTO said the XRP Ledger remained a core part of financial infrastructure. At press time, XRP traded near a key support zone.
Traders were watching the pattern and large wallet activity for signs of continuation.
He stated,
The XRPL has real traction and institutional adoption because it’s been battle-tested, updated, and improved upon for well over a decade…XRP is counterparty-free, accessible by all, and used as a bridge asset with real utility for payments, settlement, and liquidity. (Every transaction on the XRPL uses/burns XRP.
