XRP Says Goodbye to $3, But There's 500 Million Catch

XRP's recent slip below the $3 mark may seem like a defeat, but the story on the network is different. Over the last 24 hours, more than 500 million XRP have been moved across the network, according to on-chain payment volume data, suggesting that whales and institutional players are still active, despite the dip in price.

XRP plunges

Following a lengthy rally in early July, when XRP soared from about $2.30 to over $3.60, the market chart depicts a dramatic correction. Nevertheless, the recent drop has brought XRP down to $2.93 as of press time, which is still well above key support zones but below the psychological $3 threshold. 

The daily chart 26 EMA is currently in a close range and may serve as the first significant buffer before a more significant move is feasible. The volume of on-chain payments, which peaked earlier in July at over 1.5 billion tokens, is still high in comparison to past patterns, even with the price weakness. 

No longer overbought

With 573 million XRP moving in a single day, the most recent reading continues to show user activity around the network and underlying demand. The price chart's relative strength index (RSI) has fallen out of overbought territory and is currently hovering around 47, which may indicate that the selling pressure is abating. 

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Furthermore, the volume on the decline has been comparatively low in comparison to the July parabolic climb, suggesting that consolidation rather than a complete reversal may be imminent. Even though $3 is currently lost, the technical and on-chain fundamentals point to a possible pause rather than a breakdown. An earlier-than-anticipated push toward the $3 mark might occur if XRP is able to maintain above the 26 or 50 EMA and observe renewed whale activity.