💥 $XRP suffers an 8% drop after long liquidations and a mega sale of 50M tokens – technical bottom at $2.96?

📊 Current price & technical structure

XRP is trading at ≈ $2.97, fluctuating between $2.91 and $3.05 today. It returned to the key support of $2.96–$3.00 after a strong intraday drop.

A short-term bearish channel was observed with multiple tests of support. Closures below $2.96 could generate pressure towards $2.80, while an immediate rebound is still possible.

⚙️ Key factors

• Over $105 million in long positions liquidated in less than 24 hours, after a failed rally towards $3.24–$3.26. This triggered a massive technical sell-off.

• Chris Larsen (Ripple co-founder) transferred 50M XRP (~$175M) to exchanges, increasing dumping fears. The wallet remains active with over 2.8B XRP.

• Despite the pressure, institutional buying from $2.96 has generated a technical rebound from 3.06 to 3.11, forming higher lows that could stabilize the price today.

• Open interest in XRP futures reached a new record at CME: $788M, reflecting significant institutional interest in regulated contracts.

🔧 Technical level of the day

📌 Critical support: $2.96–$3.00 (multiple intraday tests)

📌 Immediate resistance: $3.06–$3.10 (technical rebound)

🎯 Decisive zone: breaking $3.10 with volume could lead to $3.24–$3.30, while a solid close below $2.96 could unleash pressure towards $2.80–$2.85.

🌐 Institutional outlook / macro vision

Despite the technical correction, the macro framework continues to favor XRP: pending ETFs, legal legitimacy following the case against the SEC, and the growth of the regulated futures market position it as a robust vehicle for structured portfolios. The current consolidation could serve as a base for the next bullish phase if institutional holders continue to accumulate.

Would you buy XRP near $3 to capture a rebound or are you waiting for confirmation above $3.10? Share your strategy!