XRP (XRP-USD) spent Thursday bouncing between $2.82 and $2.99, before closing near $2.93. On paper that looks like a normal trading day, but the nearly 6% intraday swing combined with volumes running three times above average shows something bigger was happening. One would think this was just retail investors speculating, but in fact it was driven by larger players in the mix.
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The $3 level is where all the attention sits. Bulls want to see that ceiling turn into solid support, while bears are eyeing another trip into the mid-$2 range if it fails. The thing is, with volumes this heavy, the outcome of this tug-of-war could come sooner rather than later.
Whale Moves Influence the Market
A big part of today’s volatility came from whales unloading close to 470 million XRP in one sweep. This triggered ripple effects across the market, literally, helping knock XRP under $3 and fueling over $500 million in liquidations across crypto. When big wallets move, everyone else feels it.
Still, there’s a flip side. Large sell-offs can clear supply overhang, making it easier for the price to stabilize or rebound later. Traders are probably wondering if this wave of selling was a one-off dump or the start of a broader trend.
Regulation Still Stays Front and Center
Behind the charts, XRP’s regulatory story is still front and center. Key decisions on multiple spot XRP ETF applications were delayed until October, and Ripple’s push for a banking license also faces the same timeline. These are make-or-break moments for institutional credibility.
If approvals come through, XRP could gain new legitimacy with mainstream investors. If regulators stall or push back, sentiment could take a sharp hit. For now, every move in price carries the shadow of those upcoming deadlines.
Institutions Keep Accumulating XRP
Despite the uncertainty, XRP isn’t being abandoned. In fact, institutional holders are growing. Nearly 300 firms, funds, and even governments have joined institutions and funds in accumulating XRP, though the token’s supply remains overwhelmingly concentrated, with Ripple still holding billions in escrow. This is a level of accumulation that shows us steady confidence beyond the day-to-day swings.
This backdrop means XRP is becoming a token with a real institutional footprint, and that’s changing how dips and rallies are viewed by bigger investors.
So, what’s going on with XRP today? In short, it’s battle around $3, spurred by whale activity, weighed down by regulatory delays, but quietly underpinned by long-term institutional accumulation. The short-term path may look choppy, but October’s decisions will be the real catalyst.
At the time of writing, XRP is sitting at $2.8940.
