🔻 $XRP drops to $2.94 after Upbit dump and increase in liquidations
📊 Current price and clear technical structure
XRP is trading at $2.94, after fluctuating between $2.91 and $3.05 in the last few hours. The sharp drop of over 10% positions the price below the key support of $3.10, indicating a technical reversal after the recent rally.
⚙️ Key factors
A massive dump of 75 million XRP on the Upbit exchange triggered liquidations of ~$89.7M in leveraged long positions, amplifying the downward pressure.
Additionally, the open interest in futures fell from $11.2B to ~$8.8B, indicating that many traders closed long leveraged positions.
Regulatory uncertainty persists: the SEC has not yet withdrawn its appeal in the Ripple case, with a deadline for a report on August 15, maintaining a high perception of risk.
🔧 Technical level of the day
📌 Immediate support: $2.90–$2.94
📌 Resistance: $3.10–$3.15 (recent rejection)
🎯 Critical zone: breaking and holding above $3.10 would confirm a technical bounce; otherwise, it could test psychological support at $2.70–$2.80.
🌐 Institutional / macro outlook
Despite this brutal correction, XRP continues to have an accumulated annual return of +220%. Institutional sentiment remains positive, especially if regulatory frameworks like the GENIUS Act progress. However, the lack of concrete action from the SEC creates caution and volatility.
Are you going to take advantage of ~$2.94 to accumulate XRP or do you think it will drop further before recovering? 🧐
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