XRP Price Faces Whale Pressure but Analysts Predict Bullish Reversal in August

XRP price declined over 2.87% in 24 hours and traded near $2.8 after the recent sell-off, with whale activities creating a sudden slump.

More than 710 million of the Ripple coins were dumped within 24 hours, which is an indication of distribution pressure.

Technical analysts, however, indicated a possible bullish turnaround with a possibility of an upward move towards the range between $6 and $8 in August.

XRP Price Neared $2.80 Support as Wave 5 Ends

XRP price continued to correct following a sharp move from $3.65 to below $3.00. Analyst Mr. Xoom mapped a five-wave Elliott structure on the 4-hour chart, with wave (5) in progress.

The price is trading at around $2.79, and a final leg down is expected to meet $2.70-$2.80, where the price will reverse.

Additionally, the analyst affirmed that he did not anticipate XRP price to dip below the $2.80 support.

A completed corrective wave sequence can be expected from this event, as the retraced price drawdown was closer to previous Fibonacci levels.

Xoom maintained that once the fifth wave concludes, a major reversal could take place. His upside target for August remained $6–$8, assuming bullish confirmation.

Price action mirrored prior rallies, which occurred off five-wave declines in 2023 and early 2024.

Moreover, the decreasing volume of the fifth wave suggested the possible slowing of selling pressure.

Ripple Whale Wallets Dumped 710 Million XRP

In the meantime, Ali Martinez shared Santiment data revealing a mass XRP whale sell-off.

The wallets between 100 million and a billion Ripple coins lost more than 710 million tokens within a single day. This wave of distribution coincided with the altcoin drop from above $3.10 to $2.83.

The chart showed a steep decline in whale-held supply between July 31 and August 1.

This selling pressure was in line with the past top indicators in mid-June and July, where whales started to reduce their positions before corrections.

The analysis offered by Ali indicated that the latest distribution was the sharpest in months.

Rounded Bottom After Post-Rally Correction

In parallel, technical analyst BitGuru provided a 4-hour chart showing a rounded bottom forming after the decline from $3.65.

Prior to commencing the recent descending trend, XRP price went up as high as $3.6. Now, with the the price is patterned into a bowl-like shaped base, and consolidating around $2.8.

The bullish formation was characterized by a reversal zone that coincided with a past consolidation in mid-July.

RSI was around the neutral line, and the MACD started flattening, which is a typical indicator before XRP price reversal.

Institutional Adoption Reinforces Long-term Structure

Institutional developments also contributed to the thesis of long-term XRP price rally. Ripple has already unlocked access to $2.5 quadrillion settlement system through the acquisition of Securrency.

The joint venture with DTCC via Securrency positioned Ripple in line with conventional market settlement procedures.

More importantly, analyst Squire pointed out that XRP’s role extended beyond price speculation to enabling real-world value transfer at scale.

Institutional-grade adoption might decrease circulating float over time, especially if more financial networks opt in.

Meanwhile, in other XRP news, an analyst revealed why August could be pivotal for the altcoin’s momentum shift.