Whales Dump XRP Price as $3 Reclaim Faces Resistance at $3.37

XRP price hovered around $3.00 on Aug. 7 after large holders dumped tokens into exchanges. On chain analytic firm CryptoQuant showed a surge in whale outflows, a pattern that had previously triggered multi-week corrections. This bearish signals popped as XRP price failed to reclaim $3.37, a key resistance area.

XRP Price Stalled Near $3.00 as Whales Accelerated Distribution

XRP price traded near $3 on Aug. 7 after whale flows turned negative. On-chain data from CryptoQuant data showed renewed distribution pressure from large holders, prompting traders to question the sustainability of XRP’s recent rally. XRP price failed to reclaim the 0.236 Fibonacci level at around $3.37, raising concerns over further downsides if buyers fail to step in.

CryptoQuant flagged that recent whale behavior looked similar to earlier this year. Crypto analyst EnigmaTrader pointed to XRP’s January–February price top, when a wave of whale outflows hit before a sharp correction.

XRP last rallied to a high of $3.83 in mid-July before returning to $2.95. Since then, the price has hovered between that local low and the key $3.37 resistance zone. At the time of writing, the RSI was 51.47, indicating weak bullish momentum and signaling a potential trap for late long positions.

XRP Price attempted to bounce from the $2.95 support line but stalled after printing multiple wicks near $3.00. The move lacked volume, and upside attempts lost steam at the Fibonacci retracement level, adding to the bearish outlook.

RSI Flattened, Fibonacci Rejection Weighed on XRP Price

The XRP/USDT daily chart on TradingView showed a bearish setup after bulls failed to break $3.37 level. The 0.236 Fibonacci retracement from the July high. Above that, further resistance waited at $3.62 and $3.83.

RSI dropped from overbought levels and struggled to climb back above 54. With the indicator hovering near 51.47, the market looked undecided. Several analysts said XRP had to close above $3.37 to shift momentum back to the bulls. If that didn’t happen, they warned the price could slide toward $2.80 or even $2.60.

Nimesh, an on-chain analyst posting on X, framed the XRP chart as a symbol of long-term potential. “Despite missing an entire bull run, it shows that a project can still rise if the team keeps building,” he wrote.

VersanAljarrah didn’t hold back. He said XRP’s price looked “artificially suppressed,” and suggested the very institutions dragging it down might soon pivot and run systems on Ripple’s rails. “The real question,” he wrote, “is how much longer that suppression lasts if those same players are about to flip the switch.”

Whale Transfers to Exchanges Echo Previous Selloff

According to CryptoQuant’s whale flow dashboard, XRP whales moved large amounts of tokens into exchanges over the past 72 hours. The netflow trend flipped negative, resembling the January distribution zone that triggered a multi-week selloff.

XRP managed to hold the $2.95 support level the same area where buyers stepped in during the last rally. But above $3.00, things looked shaky. Order book data showed thinning demand, and several key indicators leaned bearish.

Open interest dropped as traders closed long positions near $3.37, suggesting fading confidence. While $2.80 and $2.60 might offer some psychological relief, there wasn’t enough volume or flow strength to call them solid support just yet.

XRP Price Must Reclaim $3.37 to Avoid Breakdown

XRP hovered near the $3.00 mark after bulls couldn’t reclaim $3.37. Whale outflows into exchanges raised red flags across on-chain data, and RSI showed no signs of a turnaround. For now, the price range between $2.95 and $3.37 remained the key battleground for short-term traders trying to gauge the next move.

Technical rejection at Fibonacci resistance, along with weak momentum indicators, gave sellers the upper hand. If the price fell below $2.95, the path opened toward $2.80 and $2.60. Those zones offered historical support, but would not hold without strong volume or accumulation signals.

If XRP price moves above $3 could trigger a move towards $3.62, then $3.83. Until then, the market favors sellers, especially with whale flows echoing past distribution tops.