XRP News Today: XRP Dips 17% Amid Rare Cup-and-Handle Pattern Tests $3 Support

XRP’s price has fallen for a third consecutive day, retesting a critical support level near $3 and marking its lowest point in nearly a week. The cryptocurrency has lost over 17% from its annual high, driven by a rare technical pattern known as the "cup-and-handle," which suggests further downward momentum before a potential reversal. The pattern’s formation, observed between January and July 18, includes a completed "cup" phase and an ongoing "handle" phase, characterized by a downward or sideways price consolidation [1]. Analysts estimate that the depth of the cup—$1.7625—could guide a future price target of $5.1488 if the pattern completes, representing a 70% rebound from current levels [1].

The sell-off has intensified scrutiny on XRP’s market dynamics. On July 23, XRP plummeted over 15% on South Korean exchange Upbit, where concentrated liquidation activity exacerbated the decline [2]. While other exchanges remained stable, Upbit’s dominance in XRP trading amplified the asset’s volatility. Technical indicators also signal bearish sentiment: the Relative Strength Index (RSI) shows signs of overextension, and a "double top" pattern—another bearish reversal—has emerged, indicating difficulty in sustaining previous highs [4]. These developments have heightened concerns about XRP’s ability to defend key support levels.

Despite the short-term weakness, XRP faces potential catalysts that could drive a recovery. The probability of a spot XRP ETF approval in 2025 has surged to over 80% on Polymarket, while BlackRock’s success with Bitcoin and Ethereum ETFs has increased speculation about a similar filing for XRP. Existing derivatives-based XRP ETFs, such as Ultra XRP and Teucrium XXRP, have attracted over $530 million in assets combined, signaling growing institutional interest [1]. Additionally, the recently enacted GENIUS Act in the U.S. has boosted Ripple’s USD stablecoin, which now holds $550 million in assets [1].

Ripple Labs has also expanded partnerships post-SEC lawsuit, collaborating with entities like Ctrl Alt, Dubai Land Department, and OpenPayd. These moves, coupled with the GENIUS Act’s regulatory clarity, position XRP as a beneficiary of broader crypto infrastructure growth. However, the immediate outlook remains cautious. Analysts note that the 10% drop on July 25 mirrors previous "cool-off phases" in XRP’s cycle, though the absence of a clean break above $3.60 resistance has dampened optimism about a swift rebound [3]. Institutional activity, including whale transfers and large-volume purchases, remains a wildcard factor in stabilizing the price [4].

Longer-term forecasts are mixed. Some analysts warn that the current technical setup could lead to a "Biblical move" toward $15 if the broader bullish trend resumes, though this scenario remains speculative [6]. Others highlight a 65% surge potential contingent on resolving the double top pattern and reclaiming key psychological levels [5]. For now, the market’s focus remains on whether XRP can hold critical support zones to avoid a prolonged bearish correction.

Sources:

[1] [Rare pattern reveals why the XRP price is crashing today](https://crypto.news/rare-pattern-reveals-why-the-xrp-price-is-crashing-today/)

[2] [Analyst Reveals The Real Reason XRP Price Crashed](https://www.mitrade.com/insights/news/live-news/article-3-984519-20250724)

[3] [XRP price prediction: Today's 10% crash shakes investors](https://m.economictimes.com/news/international/us/xrp-price-prediction-todays-10-crash-shakes-investors-is-something-bigger-unfolding-beneath-the-surface-heres-what-ripples-ceo-urgently-warns/articleshow/122882497.cms)

[4] [XRP News Today: XRP Breaks Seven-Month Range](https://www.ainvest.com/news/xrp-news-today-xrp-breaks-month-range-surpasses-3-00-whale-transfers-institutional-buys-intensify-volatility-2507/)

[5] [XRP Price Forms Double Top, This Structure Says A Crash](https://www.mitrade.com/insights/news/live-news/article-3-984216-20250724)

[6] [Expect A “Biblical Move” Off This Formation; Analyst Tells](https://bitcoinist.com/expect-a-biblical-move-for-xrp/)