XRP News Today: XRP Drops 5.3% Amid $500 Million Whale Transfers

XRP experienced a notable decline of 5.3% over the past 24 hours, dropping from $2.21 to a session low of $2.08. This downturn occurred despite significant whale activity, which involved nearly $500 million in token movements. The cryptocurrency struggled to maintain its recent gains as selling pressure intensified, eventually settling around $2.10 after a modest late-session recovery.

Ripple, the company behind XRP, transferred $439 million worth of XRP to an unknown wallet. Additionally, other whale wallets moved an additional $58 million to centralized exchanges. These large-scale token movements totaled nearly half a billion dollars in XRP activity. The timing of these transfers coincided with the token's inability to reclaim the $2.14 resistance level, raising questions about potential distribution and contributing to bearish sentiment among market participants.

Technical analysts continue to monitor XRP's descending channel pattern, which suggests expectations for either a significant breakout or breakdown between July and September. This makes the current price action particularly significant for longer-term positioning. The steepest selloff occurred between 12:00 and 16:00 UTC on June 26, with back-to-back hourly volume surges exceeding 99 million XRP during this period as the price dropped to the $2.10 level.

Multiple rejection attempts occurred above $2.12 throughout the session, with clear resistance forming at $2.17. The $2.08-$2.09 zone emerged as critical support, holding firm despite repeated tests. By midnight UTC, XRP had revisited its session low of $2.08. A modest bounce followed in the final trading hour, lifting the price from $2.09 to $2.10 with short-lived momentum reaching $2.105. Volume patterns revealed important market dynamics, with the heaviest selling occurring on volume exceeding 114 million XRP during the afternoon decline. Later session volume dropped significantly, suggesting buyer fatigue despite the support zone holding.

The final 15 minutes showed consolidation near $2.10. Volume spiked to 930,000 XRP during a brief three-minute window between 01:42-01:45 UTC, indicating some institutional interest at current levels. The $0.13 intraday range highlighted the token's volatility amid uncertain market conditions. Recovery attempts repeatedly failed at the $2.14 and $2.12 levels before the price settled around $2.10. The final hour showed a modest 0.54% gain from the session lows, suggesting potential short-term support, though the broader technical picture remains challenging.

Key resistance levels remain at $2.17, while the $2.08-$2.09 zone represents critical support. A break below this level could trigger additional selling pressure toward lower technical targets. The broader cryptocurrency market attempted to stabilize following the Middle East developments. However, XRP's performance lagged other major tokens as traders focused on the significant whale movements. The inability to hold above $2.14 resistance signals underlying bearish momentum persists. Market participants are closely watching for either a decisive break above resistance or a breakdown below current support levels.

XRP's 5.3% decline occurred despite nearly $500 million in whale transfers and improving geopolitical conditions, highlighting the token's technical weakness. The $2.08-$2.09 support zone remains critical for preventing further downside, while resistance at $2.17 caps near-term upside potential. The market dynamics and whale activity underscore the complex interplay between technical factors and large-scale token movements, shaping the short-term outlook for XRP.