XRP recorded sharp swings over a volatile 24-hour session between 20 and 21 August, highlighting the ongoing tug-of-war between large traders and retail buyers.
The token slumped to $2.82 before rebounding to $2.90, marking a 5.69% move across the day. The recovery was driven by a sudden surge in trading volumes and aggressive support buying, even as whales sold into rallies.
Source: CoinMarketCap
Broader cryptocurrency markets also came under pressure, with $360 million in liquidations across majors and memecoins as institutions trimmed exposure to risk assets.
Analysts are now watching whether XRP can crack the $3.00 barrier to unlock further upside momentum.
XRP price swings between $2.82 and $2.99
During the session, XRP traded within a $0.17 range, collapsing to lows of $2.82 in the 13:00–15:00 UTC window before a swift rebound pushed prices back to $2.90. The pattern formed a V-shaped recovery as buyers defended critical support levels.
Volume spiked to 155 million during the 14:00 UTC recovery hour, nearly 2.5 times the daily average of 63 million.
Despite the rebound, sellers capped moves at $2.99, forming a resistance wall that prevented further upside momentum and leaving traders cautious about immediate breakouts.
Volume surge signals institutional flows
The surge in trading volume confirmed institutional-scale buying during the rebound. Intraday turnover reached 155 million, dwarfing the hourly norm.
Buyers consistently defended $2.82 with high conviction, creating a short-term floor.
At the same time, bears resisted moves past $2.99, leaving XRP trapped in a defined trading channel. By session close, XRP stood at $2.90, with momentum tilted slightly in favour of bulls given the strong recovery and higher volumes.
Analysts point to the significance of elevated flows, which often indicate the presence of longer-term investment strategies.
Security downgrade and whale activity weigh on sentiment
XRP’s volatility has been fuelled by a blockchain security downgrade that raised concerns over potential vulnerabilities. This contributed to broader selling pressure in recent sessions.
Whale cohorts remained active on both sides of the trade — some accelerating sales during rallies, while others accumulated near support zones.
The broader crypto market saw $360 million in liquidations as institutions rotated away from risk assets, dragging on sentiment across majors and memecoins.
This combination of whale-led moves and external selling pressure has left XRP in a sensitive position.
Key levels traders are monitoring
Technical analysts now identify $2.82 as a crucial support level after repeated successful defences. A break below could expose XRP to $2.65. On the upside, the $2.99 resistance remains the immediate barrier to further gains.
If breached, the next key breakout zone is $3.17, a level many traders believe could open the path to a rally above $5.00.
Early on 21 August, XRP extended gains by 0.34%, reaching $2.94 with hourly volumes of 580,000 compared to a norm of 470,000, suggesting continued build-up in breakout pressure and short-term optimism.
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